According to Standard Chartered Bank, Bitcoin may drop to $5,000 in 2023

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According to Standard Chartered Bank, bitcoin’s price could fall to $5,000 in 2023.

According to the bank’s analyst, cryptocurrencies may drop much lower and more crypto companies may “succumb to liquidity squeezes and investor withdrawals.”

$5K Bitcoin Scenario from Standard Chartered Bank

The financial market surprises of 2023 was the title of a note published by Standard Chartered Bank on Sunday.

The paper presents many potential outcomes that “we feel are under-priced by the markets,” according to Eric Robertsen, global head of research at Standard Chartered.

One of the possibilities is that bitcoin will cost $5,000 by the end of the year, a reduction of roughly 70% from its present price of about $17,000.

The extreme scenarios described “have a non-zero likelihood of occurring in the year ahead, and… fall considerably outside of the market consensus or our own baseline expectations,” the Standard Chartered analyst explained.

Robertsen claimed that gold might increase by as much as 30% to $2,250 per ounce and reclaim its status as a safe haven, despite the fact that cryptocurrencies could “collapse further” and more crypto businesses could “succumb to liquidity squeezes and investor withdrawals.”

Gold enthusiast and economist Peter Schiff reaffirmed his forecast that the price of bitcoin will continue to decline significantly in response to Standard Chartered Bank’s $5K price estimate.

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