BTC Falls by 40% Since Oct, StanChart Projects $50k
The world’s largest crypto, Bitcoin (BTCUSD), has fallen more than 40% from its October peak near $127,000, reflecting significant volatility in the cryptocurrency market.
Trading data showed that the broader crypto market has shed almost $2 trillion in value over the same period, according to CoinGecko.
In the last 24 hours, Bitcoin has gained 1.35% to $68,324.65, closely tracking a 1.36% rise in the total crypto market cap. The price surge is primarily driven by a broad market rebound linked to equity markets.
Pitched as the “digital gold” and a higher-beta play on stocks, Bitcoin is now trailing the Nasdaq and S&P 500 at the current price of $67k. BTC shows a strong correlation (0.74) with the Nasdaq-100 ETF (QQQ), indicating a macro-driven move.
In a latest development, Standard Chartered (StanChart) has cut its Bitcoin price forecast for the second time in less than three months, warning that the cryptocurrency could slide to hit $50,000 before recovering from the ongoing bloodbath in the market.
The bank now expects Bitcoin to end 2026 at $100,000, down from a prior projection of $150,000, it said in a note on Thursday. In December, the bank had already slashed that target from $300,000.
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