Bitcoin could drop to $5,000 by 2023, according to US bank

Standard Chartered, a bank based in the United States, publishes a list of possible surprises for the following year at the end of each year, including this year. For example, the list talks about a possible impeachment from President Biden, as well bitcoin (BTC) is listed. Unfortunately for bitcoin investors, this is not in a good light. According to Standard Chartered, 2023 could see a further drop to $5,000.

Bitcoin price in 2023

The king of cryptocurrencies could still have a lot of pain ahead in the next year, according to the bank. Standard Chartered states in their annual list that the ‘popping of the crypto bubble’ can still have far-reaching consequences that will not have reached an end in 2023 either, that reports Bloomberg.

The list, of which this is already the eighth edition, is not intended to predict events with a high probability, but to take into account situations that are currently often dismissed as very unlikely. This while, according to the bank, the scenarios are not impossible.

“Yields are plummeting along with technology stocks, and while Bitcoin sell-off is slowing down, the damage is already done,” writes Eric Robertsen, the bank’s head of global research.

Crashing the BTC rate up to $5,000 may not be something the average investor would expect. Standard Chartered also states that this is not a very likely scenario, but it is still a realistic scenario.

If more crypto companies and exchanges running into money problems would, according to the report, increase investor confidence cryptocurrencies can damage. People could then again look for their safe base in gold. The gold price could then rise by about 30%, according to Standard Chartered.

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Again, the bank is not saying that it is guaranteed that this doomsday scenario will play out, but is just trying to remind investors that the scenario is possible. Only time will tell what the course will really do in 2023.

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