Banking expert: Bitcoin may fall to $5,000 in 2023

One of the senior experts of Standard Chartered Bank has predicted a 70% fall in the price of Bitcoin in 2023. He expects gold to perform well at the same time as the price of Bitcoin falls.

To Report CNBC Eric Robertsen, director of research at Standard Chartered, one of the UK’s largest banks, recently discussed some possible scenarios for Bitcoin and the cryptocurrency market in a note titled “Financial Market Surprises in 2023”. They can surprise market participants.

He said that there is a possibility that the price of Bitcoin will reach $5,000 next year with a 70% fall from the current levels.

Robertson wrote in this note:

[در سال ۲۰۲۳] More companies in the field of digital currencies will face a lack of liquidity, and as a result of their bankruptcy, investors’ confidence in digital assets will also decrease.

Bitcoin has lost more than 60% of its value since the beginning of 2022. This dramatic price drop was affected by the destruction of some projects and large companies active in the digital currency industry, the latest of which is the bankruptcy of the centralized exchange “FTX”, and its consequences continue to affect the market.

The decrease in the price of Bitcoin this year coincided with the increase in the price of gold in the world markets. Robertson has also predicted that the price of gold will reach $2,250 per ounce in 2023 with a 30% growth, and at the same time, due to the deepening fall of digital currencies, more companies in this field will face financial crises and their investors will withdraw their assets. do

In addition to the expert of Standard Chartered Bank, Mark Mobius, founder of Mobius Capital and veteran investor of financial markets, has predicted that the price of Bitcoin will fall to $10,000 in 2023. Of course, there are still optimists like Tim Draper who expect Bitcoin to trade at $250,000 next year.