BTC's proper break below $60,000 has now reopened a route to the $50,000-52,000 range. Kendrick cited outflows from U.S. spot Bitcoin ETFs, Hong Kong spot Bitcoin ETFs slow start, and deteriorating liquidity in the U.S. as factors for the recent drawdown.
Standard Chartered raised its 2024 year-end Bitcoin price target to $150,000 and potentially reaching $250,000 by 2025. Kendrick expects the next rally post-2024 U.S. elections with ongoing mainstream adoption.
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