Standard Chartered chief strategist weighs-up worse-case scenario for Bitcoin in 2023 despite contrasting outlook.
) is being touted to drop as low as $5,000 in 2023 according to Standard’s Chartered global research head and chief strategist.by Bloomberg, a note to investors published on Dec. 4 from the multinational bank’s chief strategist Eric Robertsen weighed-up a potential drop in Bitcoin’s value correlated with a surge in physical Gold.
Robertsen outlined prospective scenarios for 2023 that could see interest rate reversals from hikes in 2022, further cryptocurrency sector bankruptcies and negative sentiment towards the market. This could include further downside for Bitcoin next year, with a 70% decline from its current market value while Gold could see an upside of up to 30% to the $2,250 mark per ounce.
The closing months of 2022 have been tumultuous for the wider cryptocurrency ecosystem. The collapse of Sam Bankman-Fried’s FTX cryptocurrency exchange and hedge fund Alameda Research sent shockwaves through the industry in what has already been a tough year. FTX’s bankruptcy proceedings has already led to collateral damage, with cryptocurrency lender BlockFi
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