The post Bitcoin Set to Drop Below $60K, But Dip is a Buy: Standard Chartered appeared first on Coinpedia Fintech News
Standard Chartered predicts Bitcoin may fall below $60K due to geopolitical tensions in the Middle East, but recommends buying the dip. While Bitcoin is not seen as a safe haven for geopolitical risks, the bank emphasizes it’s a hedge against traditional financial issues, such as de-dollarization or bank collapses. Gold, however, remains the primary geopolitical hedge. Despite the downturn, institutional investors continue accumulating Bitcoin. At the time of reporting, Bitcoin traded around $60,500, slightly down by 0.4%, while the broader crypto market also declined.