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In a recent note, Standard Chartered Bank urged that Bitcoin’s drop below $60,000 is a clear buying opportunity for investors. The bank noted that the leading cryptocurrency is a clear hedge against economic turmoil. While it has yet to become a safe haven asset, it remains a powerful investment tool for traders.
The token struggled in early October in a move that defied expectations. Many predicted that BTC would surge this month, hitting its previous high of $70,000 by 2024. However, macroeconomic factors and geopolitical tensions have pushed prices down. Standard Chartered notes that this could be good for some traders.
Bitcoin below $60,000 ‘should be a buy’, says Standard Chartered
2024 is a huge year for crypto as an industry. Leading the way is Bitcoin, which has seen a complete shift in perception as a major investment asset over the course of the year. That shift was the catalyst for its price surge past its record high of $73,000 earlier this year.
While the token still had high hopes of challenging that mark, it has faltered somewhat. The asset struggled mightily along with the entire industry throughout August and September. Moreover, it is down more than 6.9% over the past seven days, according to CoinMarketCap.
With the token currently trading at $60,600, Standard Chartered Bank has noted that Bitcoin’s drop below $60,000 represents a significant buying opportunity. In a note shared with Decrypt, the bank discussed the asset’s potential and market conditions, which could be significant for some readers.
The bank’s Head of Global Digital Asset Research, Geoff Kendrick, discussed its potential as a safe haven asset. While it shouldn’t be relied on to hedge against geopolitical risks, Kendrick noted that it is a good hedge against bank failures, de-dollarization, and concerns from the US Treasury.
“Middle East-related risk concerns look set to push BTC below $60,000 before the weekend,” Kednirdk noted. However, he noted that open interest in BTC options shows circulation that “should buy on dips.”
There have long been expectations that the early October pullback will be temporary. The bank also highlighted how cryptocurrencies can hedge against looming U.S. economic concerns. With recession fears and rising debt figures, Bitcoin could be a key player in the coming months.