A series of negative indicators are emerging in the cryptocurrency market, with Standard Chartered reducing its bitcoin price target and Coinbase Global receiving a ‘sell’ rating. This comes as momentum traders face challenges in driving bitcoin back towards its previous highs.
Standard Chartered has revised its year-end 2026 bitcoin forecast downwards to $US100,000, a significant drop from the earlier $US150,000 and $US300,000 projections. The bank cautioned that the cryptocurrency could potentially fall to $US50,000 before stabilising, citing weakening price momentum and a challenging macroeconomic environment. Bitcoin experienced another decline, falling as much as 3.6 per cent to $US65,326.
Concurrently, Monness, Crespi, Hardt & Co downgraded Coinbase to a ‘sell’ rating, deeming assumptions of a consistent recovery as unrealistic given the typical duration of crypto bear markets. Coinbase is a company that operates a cryptocurrency exchange platform. It enables users to buy, sell, and manage various cryptocurrencies.
The brokerage slashed its price target by 68 per cent to $US120, a street-low estimate, and also reduced revenue and earnings forecasts through 2027. Coinbase shares have fallen for three consecutive days, declining 8 per cent to $US140.93. Bitcoin has decreased by over 45 per cent from its October peak of just over $US126,000, with repeated failed attempts to sustain rebounds, indicating a decline in speculative demand. The broader crypto market has lost nearly $US2 trillion in value during this period. The Monness Crespi downgrade follows at least five other price target reductions in February by Wall Street analysts of the largest US crypto exchange, which has seen its shares tumble almost 40 per cent this year.
