Bitcoin plummets 40% from peak, as Standard Chartered slashes forecasts

Bitcoin (BTC) has entered a period of intense volatility, dropping more than 40% from its October high of approximately $127,000.

This downturn has contributed to a broader crypto market contraction, with nearly $2 trillion in total market value erased since the peak, according to data from CoinGecko.

Despite the recent slump, Bitcoin saw a modest 1.35% recovery in the last 24 hours, trading at $68,324.65.

This uptick mirrors a similar rise in global equity markets, reinforcing Bitcoin's strong 0.74 correlation with the Nasdaq-100.

Analysts note that while the asset is often touted as digital gold, it currently functions as a high-beta play on traditional tech stocks.

In a bearish move, Standard Chartered has downgraded its Bitcoin price forecast for the second time in three months.

The Bank warned that the cryptocurrency could slide as low as $50,000 before any significant recovery. Furthermore, the firm has slashed its year-end 2026 price target to $100,000, a significant drop from its previous projections of $150,000 and $300,000.