The global head of research at Standard Chartered, Eric Robertsen, forecasts that Bitcoin’s price will drop below $5,000 during the next year as a growing number of cryptocurrency businesses may have liquidity concerns.
He predicts that the price of gold will reach $2,250 per ounce in 2023, which is included in the annual list of surprises that is published by Standard Chartered. He believes that 2023 will be a great year for gold.
According to Eric Robertsen’s analysis, the market for cryptocurrencies, and Bitcoin in particular, might be in for even more hardship in 2023. According to his estimation, the price might fall by $5,000, which is a 70% decrease from its present worth.
Eric Robertsen has said that upcoming crises have the potential to bring down other cryptocurrency organizations and platforms that find themselves “with inadequate cash.” They could have to deal with a liquidity crisis and large-scale withdrawals, both of which would force them to seek bankruptcy protection. Other unfavorable occurrences, like as the FTX collapse, might have a significant influence on the trust of investors in the industry.
The current bear market has already caused the principal digital currency to lose a significant portion of its value. For the beginning of 2022, it was trading at around $47,000, but at the time of this writing, it is approximately $17,000.
Compiled by Coinbold