Standard Chartered expects Bitcoin to fall to $5,000 in 2023

A group of analysts within the financial services firm cites further red flags for 2023, believing that the price of Bitcoin is well past the end of its down zone. Prices may continue to drop. Analysts have included Bitcoin () in the list of dramatic events that will have a major impact on financial markets in 2023. Other events include falling food prices and the impeachment of President Biden. Robertsen also noted that the price of virtual gold could rise by up to 30% as most BTC investors exc

 Additionally, he sees rising crypto rates taking a hit as more crypto startups become more confident about investing in cryptocurrencies. Bitcoin has seen a notable decline compared to its price at the start of fiscal year 2022. The coin started the year at $37.8K and ended the first quarter of 2022 at around $38.6K. Since then, the BTC price has failed to return to its annual highs and has fallen further to around $16,000 at the time of writing. Robertsen and his team argue that their predictions differ from what they believe. These are just scenarios that may play out given the current state of the market, with the FTX demise story flying over investors' heads. What Happened to His $100,000 by Early 2022?Last year, Standard Chartered's Analyst Group said he had made $100,000 by early this year. They also gave the flagship crypto a long-term valuation of $175,000. The prediction may have come from BTC's massive performance above $60,000 in the final stages of 2021. The chances of Bitcoin ending the year near all-time highs are slim. Contrary to last year's forecast, the financial services startup now sees BTC down nearly 70% from its current value. I can understand why. 

2022 has not been a good year for Bitcoin holders. Mark Mobius, one of the prominent co-founders of Mobius Capital Partners, says these are strange times for Bitcoin holders. "It's too dangerous," he said. But despite sometimes feeling "uneasy" about what the market looks like from afar, he said: “There are some investors who still believe in cryptocurrencies, so we will stay here. It's amazing how Bitcoin's price has held up despite the impact of FTX. "