Standard Chartered warn that a ‘clean break’ of US$90,000 could trigger a wave of ETF unwinds and a drop to the low $80K level:
- spot bitcoin ETF purchases since the U.S. election are now only breaking even
- digital assets have been caught up in a macro-driven sell-off since Fed Chair Powell turned hawkish on December 18
- the risk is that forced or panic selling adds to the current macro-driven sell-off
- prices of all other digital assets would likely follow
- the drop would be a retracement and would present an opportunity where “we (Stan Chart) would recommend accumulating longs”
BTC chart with the 90K support drawn in.
The lower line … could we get there? I am sure technical analysts reading this post can do a better job of me, in the comments please folks!
