cryptoknowmics.com
According to the worldwide research head and senior strategist at Standard Chartered, Bitcoin could fall as low as $5,000 in 2023. In a letter to investors released on December 4 by the chief strategist, Eric Robertsen, of the international bank, considered the possibility that a Bitcoin fall would be associated with a rise in the price of actual Gold, as was first reported by Bloomberg.
Bitcoin Fall Predictions for 2023
Robertsen presented possible outcomes for 2023 that might result in interest rate decreases following increases in 2022, additional cryptocurrency industry bankruptcies, and unfavorable market sentiment. In contrast, gold might have an increase of up to 30%, reaching $2,250 per ounce, while Bitcoin could experience an additional downturn in the next year, with a 70% loss from its existing market price.
The Demise of FTX and Alameda Research
The overall cryptocurrency ecosystem has seen turmoil in the last few months of 2022. In an already challenging year for the business, Sam Bankman Fried's FTX bitcoin exchange and hedge fund Alameda Research collapsed. Due in part to significant exposure to FTX and Alameda and liabilities the latter had with the former, FTX's bankruptcy procedures have already caused collateral harm, with bitcoin lender BlockFi following in its footsteps. In the meanwhile, proponents of cryptocurrencies have offered conflicting predictions for the market in 2023. Tim Draper, a well-known venture capitalist and blockchain investor, predicted that Bitcoin would reach $250,000 next year, stressing his conviction that the FTX debacle would promote further decentralization, BTC acceptance, and user self-custody.