Standard Chartered Bank: Bitcoin Could Fall to $5,000 Next Year
Standard Chartered Bank says the price of bitcoin could drop to $5,000 next year. The bank’s analyst explained that cryptocurrencies could fall further and more crypto firms could “succumb to liquidity squeezes and investor withdrawals.” Standard Chartered Bank’s $5K Bitcoin Scenario Standard Chartered Bank published a note titled “The financial-market surprises of 2023” Sunday. The note outlines a number of possible scenarios that “we feel are under-priced by the markets,” wrote Eric Robertsen, Standard Chartered’s global head of research. One of the scenarios is bitcoin’s price dropping to $5,000 next year, which would be about a 70% drop from BTC ’s current price of around $17,000. Robertsen detailed: Yields plunge along with technology shares, and while the bitcoin sell-off decelerates, the damage has been done. More and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digita