New Standard Chartered crypto forecasts
The British bank Standard Chartered has downgraded its long-term forecasts for cryptocurrency prices. The bank's analysts predict that in the near future, Bitcoin could fall to $50,000 and Ethereum to $1,400, before the recovery begins.
According to Standard Chartered experts, the crypto market will be pressured by factors such as outflows from cryptocurrency ETFs and the overall unstable macroeconomic situation. This could lead to further short-term price declines.
Previously, the bank forecast that by 2026, Bitcoin would be worth $100,000 and Ethereum $35,000. However, the analysts have now downgraded their expectations amid continued volatility in the crypto market.
Nevertheless, in the long run, Standard Chartered still believes in the recovery of cryptocurrencies. It is expected that after the current correction, they will continue to grow, but at a more moderate pace.
Expert opinion
Standard Chartered's forecasts reflect the general trend in the crypto market. After a rapid growth in 2021, digital assets faced serious challenges in 2022 against the backdrop of geopolitical instability, high inflation and tightening monetary policy.
Although the bank's short-term forecasts look rather pessimistic, they still reflect the consensus of analysts that the current correction is a temporary phenomenon. In the long run, cryptocurrencies are likely to continue their growth, but at a more gradual pace.