Standard Chartered Predicts Bitcoin Could Drop to $5,000


Standard Chartered, one of the biggest UK banks, predicts that Bitcoin (BTC) could go as low as $5,000 in 2023.

In a recent report, Standard Chartered predicted that BTC going to $5,000 could be one of the scenarios for 2023. 

Eric Robertsen, the chief strategist of the bank, suggested that Bitcoin could potentially go to $5,000, with gold predicted to increase. According to Robertsen, interest rates changing, the market sentiment aggravating, and more crypto-projects bankrupting could be some of the factors that could lead BTC to $5,000.

For gold, on the other hand, Robertsen predicts an increase of 30%. That would see the price of gold reaching $2,250 per ounce. 

Robertsen acknowledges that this prediction is based on recent events in the crypto industry. The fall of FTX aggravated the crypto market in unprecedented ways. With new details emerging daily that further add to the FUD, it’s unlikely that BTC may recover any time soon.

Even the likes of Elon Musk previously said that this could be a long winter for cryptocurrencies. Nonetheless, he also said that BTC can eventually rebound.

Standard Chartered is not the only one making predictions regarding Bitcoin. Others such as Tim Draper have completely different views on how BTC might move in 2023. The latter believes BTC could go for $250,000 in 2023, primarily because the crypto community will shift to decentralization after the FTX events. Various polls were conducted regarding this, and results show that the crypto community trusts BTC more than stablecoins due to recent events.

Other bullish predictions came from the likes of Henrik Zeberg and Mark Yusko, who both believe that BTC could recover and start a bull run eat some point in 2023.