Standard Chartered warns of a drop to around $80K for Bitcoin if support breaks

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!

This article was written by Eamonn Sheridan at www.forexlive.com.