Bitcoin has faced challenges in recent weeks, experiencing a continuous downward trend. Over the last 24 hours, it has fallen below the $90,000 mark, which it had maintained for an extended period, resulting in an overall monthly decline of 9.67%.<\/p>\n Current market sentiment indicates a likelihood of further decline for Bitcoin, potentially reaching the $80,000 level amid increasing market pressure.<\/p>\n Geoff Kendrick, an analyst at Standard Chartered, predicts that Bitcoin is currently precarious and could suffer an additional 10% loss, pushing its value down to the lower $80,000 range in the short term.<\/p>\n Kendrick’s analysis suggests that a drop in U.S. Treasury yields, in combination with Bitcoin trading at a lower price point, might trigger a price recovery.<\/p>\n He advises caution to investors while trading Bitcoin, especially noting a significant increase in outflows from institutional investors, indicating selling pressure within this group.<\/p>\n In addition to his insights, Kendrick highlights the impact of Solana memecoins on the downward price movement.<\/p>\n Further analysis conducted by CryptoCrypto examines market sentiment and investor behavior concerning Bitcoin, revealing mixed views among traders.<\/p>\n The Fund Market Premium, a metric measuring the variance between a fund’s net asset value (NAV) and its market price with values above 1 and below 0, indicates an ongoing optimistic outlook.<\/p>\n The current reading stands at 1.8, signaling high purchasing activity as it surpasses the NAV, moving into positive premium territory. This implies that a segment of investors is actively buying the asset.<\/p>\n While a portion of the market remains bullish, there is a bearish presence as well.<\/p>\n Data from Binary Coin Day Destroyed (CDD) show evidence of bearish sentiment, reflecting investors moving their Bitcoin – potentially for selling, a trend seen historically when the Binary CDD reaches 1, as is currently the case with Bitcoin.<\/p>\n Considering the involvement of institutional investors in Bitcoin and Kendrick’s market forecast, CryptoCrypto has analyzed sentiment within this group.<\/p>\n Coinglass data reveals that Bitcoin Spot ETFs experienced their largest outflow ever in a single day, with institutional investors selling $937.90 million worth of BTC.<\/p>\n A substantial negative net flow like this indicates dwindling confidence in the market, possibly influenced by various factors such as Bitcoin’s value dipping below $90,000 and impacting the cost basis for short-term holders.<\/p>\n Given the conflicting sentiments, the decision to purchase Bitcoin remains uncertain. It is crucial to monitor the movement of BTC in and out of institutional spot holdings, along with other fundamental market indicators.<\/p>\n","protected":false},"excerpt":{"rendered":" Standard Chartered Issues Warning About Potential 10% Decrease in Bitcoin Price to $88K – Is It the Right Time to Invest? Bitcoin has faced challenges in recent weeks, experiencing a continuous downward trend. Over the last 24 hours, it has fallen below the $90,000 mark, which it had maintained for an extended period, resulting in<\/p>\n","protected":false},"author":1,"featured_media":41684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-41683","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","generate-columns","tablet-grid-50","mobile-grid-100","grid-parent","grid-50","no-featured-image-padding"],"_links":{"self":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/comments?post=41683"}],"version-history":[{"count":2,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41683\/revisions"}],"predecessor-version":[{"id":41686,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/posts\/41683\/revisions\/41686"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media\/41684"}],"wp:attachment":[{"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/media?parent=41683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/categories?post=41683"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/btcacademy.online\/crypto\/wp-json\/wp\/v2\/tags?post=41683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Forecaster Anticipates a 10% Drop<\/h3>\n
Shift Towards Bearish Sentiment Among Traditional Investors<\/h3>\n
Bitcoin Spot ETF Witnesses Significant Outflow<\/h3>\n