The series of crypto business collapses necessarily undermine the current course of cryptocurrencies. For its part, bitcoin has already seen a drop of more than 60% this year. According to analysis by Standard Chartered, the value of this crypto will drop another around 70% in 2023 and reach $5,000.
Bitcoin could see a 70% drop from its current price according to Standard Chartered
On December 4, Standard Chartered Bank published a book of the most interesting entitled “The surprises of the financial markets of 2023”. This document relates an important fact: the fall in the value of bitcoin in 2023, at the rate of $5,000. This simply means that this cryptocurrency could experience a fall of around 70% from its current price which is around $17,000.
The British bank Standard Chartered based itself on scenarios often undervalued by the markets to establish this prediction. Its global head of research, Eric Robertsen, also maintains that such a scenario has a non-zero probability of occurring.
For this specialist, bitcoin has already fallen by more than 60% this year due to the series of collapses of crypto companies. The sale of bitcoins has even slowed down for various reasons, including the loss of investor confidence.
“Yields are plunging with tech stocks, and while bitcoin selling is slowing, the damage has been done. More and more crypto businesses and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets,” he explains.
A scenario supported by Marc Mobius
Standard Chartered is not alone in predicting a bitcoin price crash in 2023. his tweet, Marc Mobius also suggests that bitcoin could fall by 40% next year (a drop of $10,000 from its current value). According to this famous investor, this fall could be explained by the rise in interest rates and the general tightening of monetary policy by the American Federal Reserve.
For now, many predictions converge: bitcoin will experience a period of decline in 2023. Nevertheless, other investors remain optimistic about the reliability of this cryptocurrency. Timothy Cook Draper, for example, thinks that the price of bitcoin will reach $250,000 in 2023. Only time will tell!
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
