Not Time To Buy Yet? Bitcoin Faces Pressure As Standard Chartered Predicts Further 10% Drop

Bitcoin (BTC) recently hit a yearly low of $86,888 amidst a broader market downturn, with over $1.5 billion in liquidations impacting nearly 395,000 traders. The premier cryptocurrency dropped to $86,888 on Binance, marking its lowest point this year and is down 7.6% in the last 24 hours.

Other major cryptocurrencies like Ethereum (ETH), XRP, and Solana (SOL) have also experienced sharp declines, with the total crypto market cap shrinking by 9% to $3.01 trillion. Geoff Kendrick of Standard Chartered predicts further losses for Bitcoin, potentially leading to a 10% decline to the low $80,000s.

Macroeconomic uncertainty and outflows from Bitcoin spot ETFs suggest it may not be the right time to buy yet. The equity market is also expected to open lower, adding pressure to risk assets like cryptocurrencies. The Crypto Fear and Greed Index indicates extreme fear in the market.

Despite these challenges, Bitcoin continues to outperform traditional asset classes like gold and stocks. Industry leaders view the current environment as a generational opportunity to accumulate BTC. At the time of writing, BTC trades at $88,150, down 7.6% in the past 24 hours.