I just reviewed Standard Chartered's analysis, and the numbers they are projecting for the coming months are quite pessimistic. They expect Bitcoin to fall to $50,000 and Ethereum to bottom out near $1,400 before a recovery begins. Right now, Bitcoin is around $73,720 and Ethereum at $2,310, so there’s still quite a bit of room to the downside according to their calculations.

What’s interesting is that Standard Chartered’s head of digital assets research mentions that combined ETF operations are the main pressure. Many investors who bought near the highs of around $90,000 are now at a 25 percent loss, and instead of taking advantage of dips, they are withdrawing money. That explains why we’ve seen those massive liquidations that keep happening.

They remain bullish by the end of the year but have lowered expectations. Bitcoin to $100,000 instead of $150,000, Ethereum to $4,000 instead of $7,500. Solana, BNB, and Avalanche also received significant cuts to their projections. What catches my attention is that although they say this is a pronounced bearish cycle, at least we haven’t seen collapses of major platforms like Terra or FTX. That suggests the market is more mature this time.

The macroeconomic context remains complicated. Concerns about global growth and interest rates are leading investors to seek safe havens like gold, which is hurting everything considered risky. But if you look at the long-term projections, Standard Chartered remains optimistic for 2030. Bitcoin at $500,000 and Ethereum at $40,000. So basically, the message is that there will be more short-term decline, but the structural potential remains intact.