Standard Chartered: Bitcoin Risks 10% Retracement If It Falls Below $90,000 Support Level

Geoff Kendrick, global head of digital asset research at Standard Chartered, warned of a potential downtrend if bitcoin “falls below $90,000,” Gold Finance reports. In a report on Tuesday, Kendrick emphasized that there is “convexity risk” due to the increased likelihood of spot exchange-traded funds closing out their positions, which could push the price of bitcoin below $80,000 in the near term. We believe that a drop below $90,000 in bitcoin would lead to a further decline of 10 percent in the near term, to just under $80,000,” Kendrick said. Prices of all other digital assets will likely follow suit, and once the pullback is over, we recommend accumulating long positions again.”