2023 Bitcoin price: Standard Chartered predicts $5,000
It’s not just SCB that is bearish on Bitcoin. Serial investor Mark Mobius stated that he believes Bitcoin will fall to $10,000 in 2023.
Standard Chartered Bank (SCB) has predicted that the Bitcoin price could fall to $5,000 in 2023 as part of a list of surprises that investors may overlook. Global head of research at SCB Eric Robertsen noted that the items on their surprise list have a non-zero probability, meaning they have a small chance of playing out.
Bitcoin is already more than 60% down from its peak in November 2021. After an initial rally in May/June, the cryptocurrency has been dragged down by high-profile collapses. The latest of which is the FTX collapse which has almost wiped out investor confidence in the market.
Should the Bitcoin price fall to $5,000, that would mean a further 70% drop from the current price. Robertsen said:
“More and more crypto firms and exchanges have insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets.”
In contrast, Robertsen noted that gold could rise 30% to $2,250 if Bitcoin falls to $5,000.
Investors Differ on Bitcoin Price Direction for 2023
It’s not just SCB that is bearish on Bitcoin. Serial investor Mark Mobius stated that he believes Bitcoin will fall to $10,000 in 2023. Mobius cited rising interest rates and tighter monetary policy from the US Federal Reserve as reasons for this.
Similarly, JPMorgan analysts believe that Bitcoin has not bottomed out and could still fall to $13,0000 due to margin calls across the market.
According to David Kemmerer, CEO of CoinLedger, the ongoing crypto winter will last a bit longer before the retracement happens. “It’s because of macroeconomic factors: 40-year high inflation, rising borrowing costs and political instability after Russia invaded Ukraine,” he said.
Meanwhile, venture capitalist Tim Draper remains optimistic about Bitcoin. Draper predicts that Bitcoin will rise as high as $250,000. Similarly, macroeconomist Henrik Zeberg also raised the possibility of Bitcoin rising above $100,000.
According to Hedge fund veteran Mark Yusko, Bitcoin will start a major bull run by the second quarter, setting a target price of $250,000 for BTC in the long term. “In the future, Bitcoin wins because it is an asset that exists in the absence of a liability, which is what the definition of money is,” he concluded.
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An experienced writer with practical experience from the fintech industry. When he is not writing, he spends his time reading, researching or teaching.
