Standard Chartered Bank said that the price of Bitcoin 5000 yen next year. Analysts at the bank explained that cryptocurrencies could fall further, with more crypto firms “succumbing to liquidity pressure and investor exits.”
Standard Chartered Bank’s $5,000 Bitcoin Scenario
Standard Chartered Bank issued a memo on Sunday titled ‘Financial Market Surprises in 2023’ Did. Standard Chartered’s head of global research, Eric Robertsen, outlines several possible scenarios where “the market feels undervalued.”
scenarios One of his predictions is that the price of Bitcoin will drop to $5,000 next year. This represents a drop of about 70% fromBTC‘s current price of around $17,000.
More from Robertsen:
Yields plummet with tech stocks, bitcoin sell-off slows, but the damage is done. A growing number of cryptocurrency companies and exchanges find themselves lacking liquidity, leading to further bankruptcies and a breakdown in investor confidence in digital assets.
Analysts at Standard Chartered said that the extreme scenarios outlined are “a non-zero chance of happening over the next 12 months … depending on market consensus and our own fundamental It deviates significantly from the general view.”
Noting that cryptocurrencies could “fall further” and more crypto companies “could succumb to liquidity pressure and investor exits,” Robertsen said gold rose 30% to $2,250 an ounce, Safe Haven. He explained:
Gold’s resurgence in 2023 will come when equities return to a bear market and the correlation between stock and bond prices shifts to negative again. happen.
Standard Chartered Bank’s He Comments on Bitcoin Price Outlook of $5,000, Gold Bug and Economist Peter Schiff SaysBTC Will Fall Further He repeated his prediction that He tweeted on Monday:
Bitcoin has much greater downside risk than he has 70%. After such a drop, Bitcoin is still so overpriced that $5,000 isn’t even close to bottoming out.
He said Bitcoin could fall to $10,000 next year as the Institutional Board continues to raise rates and tighten monetary policy.
However, some people are still optimistic about the price of Bitcoin, for example venture capitalist Tim Draper has predicted the price ofBTC by the middle of next year. doubled to $250,000.
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