Standard Chartered Bank said in a report that Bitcoin will plunge further next year.

(Reuters)

[Financial Channel/Comprehensive Report] According to Standard Chartered Bank, investors who think that the cryptocurrency plunge is over may be surprised and disappointed, because Bitcoin may fall by 70% in 2023.

Eric Robertsen, global head of research at Standard Chartered Bank, wrote in a report that a further plunge of about 70% in bitcoin to $5,000 next year may be one of the "surprise" scenarios where the market is underpriced.

Robertson also said investment demand could shift from bitcoin to physical gold, spurring a 30% rally in gold.

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Robertson said that with the global economy in trouble, as well as more cryptocurrency bankruptcies and the collapse of investor confidence in digital assets, he is not making a prediction, but warning the current market that some people think the plunge is over. Scenarios will be different.

After the collapse of the FTX exchange and Alameda Research, a lot of bad news has been reflected in the bitcoin price plummeting more than 60%. Sean Farrell, director of digital asset strategy at Fundstrat, also wrote in a report that the basic situation is that most forced selling is over. , but investors still may not be compensated for market risks that occur in the short term.

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