**Geoff Kendrick from Standard Chartered Predicts Further Bitcoin Losses**
Geoff Kendrick, the head of crypto research at Standard Chartered, has indicated that Bitcoin may continue to experience losses, forecasting an additional 10% decline. The original cryptocurrency has been moving sideways today, reflecting increasing skepticism in the market. Bitcoin recently hit a low not seen in over three months, dropping to $86,800 during intraday trading, while altcoins appear to be struggling even more.
In the midst of this turmoil, Standard Chartered has raised concerns about the potential for more downtrend days for Bitcoin. Kendrick has suggested that the asset could see a further correction of around 10%.
**More Downtrend for Bitcoin?**
Kendrick pointed out that Bitcoin has managed to hold its ground relatively well despite the prevailing bearish market sentiment. He acknowledged that while the asset has performed “relatively well,” it has been under significant selling pressure due to the ongoing drama surrounding Solana meme coins.
To provide some context, recent analysis by on-chain investigator ZachXBT suggests that hackers from Bybit may be linked to the rising Solana meme coin rug pulls. The analyst revealed that the Lazarus Group attempted to launder funds from the Bybit hack through Pump.fun, subsequently transferring some of those funds to Solana wallets, which have previously launched tokens that scammed investors. This report has negatively impacted investor sentiment within the Solana network, causing a ripple effect throughout the broader crypto market. As sentiment continues to wane, Kendrick believes that Bitcoin could potentially decline another 10%, bringing it down to the early $80,000s.
**Declining US Treasury Yield Could Boost Bitcoin**
On a more optimistic note, Standard Chartered has suggested that a decrease in US Treasury yields could provide a boost to Bitcoin’s price. For context, the US debt yield fell to 4.32% on Tuesday, marking its lowest point since mid-December, amid signs of slowed economic growth and rising inflation expectations. This decline in yield may encourage investors to shift their focus to assets like Bitcoin, which have shown better price performance.
However, Kendrick cautioned that now might not be the ideal time to start buying the Bitcoin dip. He attributed this caution to the likelihood of outflows from US Bitcoin spot exchange-traded funds (ETFs). If economic uncertainty prompts investors to sell their Bitcoin ETFs, it could lead to further price declines for Bitcoin.
In a contrasting viewpoint, Eric Trump, the second son of Donald Trump, has urged crypto enthusiasts to seize the opportunity to buy the dip. His remarks imply that every drop in Bitcoin’s price presents a chance for long-term profitability.
As it stands, Bitcoin is trading at $87,516, reflecting a 4.4% decrease over the past day.
