Bitcoin Could Touch $5,000 By 2023

in blurt-network •  last year 
Standard Chartered Head of Global Research, Eric Robertsen said Bitcoin (BTC) could fall 70% and the price could touch as low as $5,000.

Bitcoin Potential Trends for 2023
According to a report from Bloomberg, Robertson thinks that 2023 the crypto market could see a deep downturn, especially BTC. He predicts the asset's price could fall to $5,000, or a decrease of up to 70% compared to its current valuation. In addition, Robertsen also predicts a decline in technology stocks in 2023 could result in a wave of bankruptcies.

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For example, similar to the wave of crypto companies that failed to pay after the collapse of Three Arrows Capital, FTX, and other crypto companies that went bankrupt this year. Not only that, other effects were also followed by a decrease in oil prices and a decrease in food prices.

"Accompanied by the decline in technology stocks, Bitcoin sales may slow down," in his statement Eric Robertsen.

Meanwhile, Bitcoin has lost most of its value during the ongoing bear market. Though its value is trading around $47,000 at the start of 2022, whereas at the time of writing BTC is only trading around $17,000.

Gold Investment Can Outperform Crypto

If more crypto companies and exchanges go bankrupt, it can cause investor confidence to disappear in crypto assets, and make investors switch to safe investments, for example gold or precious metals.

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In contrast to Bitcoin, Standard Chartered analysts predict that gold could be one of the big winners next year, surging to $2,250 an ounce. Price expansion could see a 30% increase compared to current levels and an all-time high for the precious metal.

“While gold could outperform crypto in 2023, due to the decline in trust that has occurred in the crypto ecosystem,” said Nicholas Frappell, head of global institutional markets at ABC Refinery in Sydney, launching from Bloomberg.

More Bitcoin Price Predictions in 2023

Meanwhile, contrary to Standard Chartered's analysis, crypto proponents have cast a contrasting outlook for Bitcoin in 2023.

For example, according to renowned Venture Capitalist and blockchain investor Tim Draper, he has touted Bitcoin to reach $250,000 next year, due to his belief that the failure of FTX will lead to greater decentralization of BTC adoption, and increased self-custody by users.

As another example, macro market analyst Henrik Zeberg also believes the potential for a spike in the value of BTC along with risk assets could reach levels above $100,000.

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What's more, hedge fund manager Mark Yusko is also touting the potential start of Bitcoin's next big bull run in the second quarter of 2023 as the ecosystem starts accumulating BTC in anticipation of the next bounty reduction event.


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