Standard Chartered: Bitcoin Could Touch $5,000 In 2023

Standard Chartered's Head of Global Research, Eric Robertsen said Bitcoin (BTC) could fall by 70% and its price could touch to the level of $5,000.

Bitcoin Potential Trends in 2023

According to a report from Bloomberg, Robertson argues that in 2023 the crypto market could experience a deep downturn, particularly BTC. He predicted the asset price could fall to $5,000, or decline by up to 70% compared to the current valuation.

In addition, Robertsen also predicts a decline in technology stocks in 2023 could result in a wave of bankruptcies.

For example, similar to the wave of crypto companies that defaulted after the collapse of Three Arrows Capital, FTX, and other crypto companies that went bankrupt this year. Not only that, other effects were also followed by a decrease in oil prices and a decrease in food prices.

Meanwhile, Bitcoin has lost most of its value during the ongoing bear market. Though its value is trading around $47,000 at the beginning of 2022, whereas at the time of writing BTC is only trading at around $17,000.

Gold Investment Can Outperform Crypto

If more crypto companies and exchanges go bankrupt, it could cause investor confidence to disappear in crypto assets, and make investors to switch to safe investments, such as gold or precious metals.

Contrary to Bitcoin, Standard Chartered analysts predict that gold could be one of the big winners next year, soaring to $2,250 an ounce. Price expansion could see a 30% increase compared to current levels and all-time highs for precious metals.

Other Bitcoin Price Predictions in 2023

Meanwhile, contrary to Standard Chartered's analysis, crypto proponents have given a contrasting outlook for Bitcoin in 2023.

For example, the opinion of the well-known Venture Capitalist and blockchain investor, Tim Draper has touted Bitcoin to reach $250,000 next year, due to his belief that the failure of FTX will lead to greater decentralization of BTC adoption, and increased self-custody by users.

For another example, macro market analyst Henrik Zeberg also thinks the potential for a surge in the value of BTC alongside risky assets could reach levels above $100,000.

Moreover, hedge fund manager Mark Yusko also touted the potential start of Bitcoin's next big rise in the second quarter of 2023 as the ecosystem begins to accumulate BTC in anticipation of the next reward reduction event.

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