Standard Chartered: Low Leverage Ratio in Futures Market Suggests Potential Uptrend for Bitcoin

IconCrypto News Terminal23 Apr, 2024

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Standard Chartered: Low Leverage Ratio in Futures Market Suggests Potential Uptrend for Bitcoin

Standard Chartered (SC), a renowned British financial services firm, has conducted an analysis of the cryptocurrency futures market, and their findings indicate a low leverage ratio. According to SC analyst Geoffrey Kendrick, this low leverage ratio presents a potential catalyst for an upswing in the price of Bitcoin (BTC). Kendrick noted the occurrence of a significant long liquidation during the April 13 sell-off, which he believes represents a market capitulation. With the current low leverage ratio, SC anticipates the potential for a substantial uptrend in the market. Previously, SC had projected an end-of-year target of $150,000 for BTC, alongside an $8,000 target for Ethereum (ETH). Previously on April 13, 2024, SC analyzed the low leverage ratio in the futures market and predicted a potential rally for Bitcoin.

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