Standard Chartered Analyst Predicts the Further Drop of BTC In 2023

BTC

Bitcoin could fall to $5,000 in 2023, while gold could rise to an ATH of $2,250 per ounce in 2023, Robertsen stated.

The Global Head of Research at Standard Chartered thinks bitcoin could tumble to $5,000 next year as more cryptocurrency firms might experience liquidity issues.

He believes 2023 could be prosperous for gold as he envisions the yellow metal’s price to rise to $2,250 per ounce.

As reported by CNBC, Robertson argued that 2023 could bring more pain for the cryptocurrency market, specifically bitcoin. He predicted the asset’s price could crash to $5,000, or a 70% decline compared to the current valuation.

He stated that the collapse could be due to a future crisis of other cryptocurrency firms and platforms that could find themselves with “insufficient liquidity,” pushing them towards bankruptcy protection. He further stated that other negative events like the FTX one could brutally undermine investor confidence in the sector.

BTC has already lost a considerable chunk of its valuation throughout the ongoing bear market. It traded at around $47,000 at the beginning of 2022, while as of the moment of writing these lines, it stands at about $17,000. 

Contrary to bitcoin, Standard Chartered’s analyst predict that gold could be part of the big winners next year, rising to $2,250 per ounce. The price expansion could represent a 25% increase compared to the current level and a new all-time high for the precious metal.

Bill Winters, CEO of the British multinational banking giant is of the opinion that digitization is part of the future’s financial structure. By this he meant that the creation and adoption of cryptocurrencies are “absolutely inevitable.” He suggested the rollout of digital assets will be led by both the private sector and centralized organizations.

Chairman of Standard Chartered, José Viñals argued last year that every monetary entity delving into the crypto sector will eventually benefit. 

The banking institution has already dipped its toes by launching a blockchain-based digital trade finance platform called Olea. In addition, StanChart became the first bank to join the Global Digital Finance (GDF) Patron Board.

Viñals raised hopes that other leading companies will follow in those footsteps, assuring that “crypto is here to stay”

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