While Bitcoin is already having a tough time fighting its ever-declining prices, Standard Chartered predicts a further decline in 2023.
The bank expects Bitcoin prices to cripple to $5000, proving the bearish market would have its impact on the token throughout 2023. Standard Chartered established this news as a part of their research of the most surprising events of the following year.
The banking organization also feels that financial organizations purposely overlook such assumptions of Bitcoin prices falling further.
Several veteran investors and financial firms, besides Standard Chartered, also predicted the fall of Bitcoin. While the percentage of price falls remains ambiguous, Mark Mobius, a well-known investor, predicts it to be 40%.
Mobius, one of the founders of Mobius Capital Partners, claims Bitcoin prices could hit $5000, with the break of its technical support levels at $18000 and $17000.
Standard Chartered puts forth a series of bizarre incidents likely to take place in 2023. While the Bitcoin price drop remains one of the most significant, there are others. The organization predicts the impeachment of President Joe Biden, along with a fall in food and oil prices.
While the fall of Bitcoin prices looks inevitable, Standard Chartered also predicts the rise of gold prices by 30%.
However, the eighth edition of the list published by Standard Chartered is not a fool-proof prediction. In fact, the list does not comprise events that are sure to occur; instead, it covers events that do not have zero chance of happening.
In short, the Standard Charter covers events that others might ignore or rule out their chances of occurring.
Evidently, it has been a tough time for the crypto ecosystem in 2022, and the collapse of FTX and Celsius worsened the situation. The collapse of these popular crypto exchanges also affected other cryptocurrencies, and Bitcoin was no different.
In fact, the report on the drop in Bitcoin prices was created after considering the circumstances of the crypto market.
While much is being contemplated about the crypto market and Bitcoin's declining prices in 2022, Mark Yusko, the Manager of Hedge Fund, anticipates a bullish turn by the middle of 2023.
Similarly, Henrik Zeberg, a macro analyst, expects Bitcoin prices to cross the $100000 limit by 2023. Evidently, Bitcoin's status is not as gloomy as it sounds.