The outlook for the Bitcoin market next year is mixed.
Citing a report from Standard Chartered Bank on the 5th (local time), the US economic media CNBC said that the price of bitcoin next year could drop by 70% from the current $17,000 to $5,000.
On the 4th, Standard Chartered Bank presented several scenarios in its report entitled “Financial Market Surprise in 2023” under which it feels the current market reflects prices. One of these scenarios included the possibility of Bitcoin plunging to $5,000.
Eric Robertson, head of global research at SC, predicted that “more cryptocurrencies and exchanges will experience liquidity shortages next year,” adding that this will lead to more companies going bankrupt and erode investor confidence in digital assets.
He explained that the possibility of becoming a reality is not impossible, saying that the rather extreme probability “that this scenario will happen within the next year is not zero.” He predicted that investors would flock to gold, a safe haven asset, due to the fall in the price of bitcoin.
Former Wall Street investor Mark Mobius also predicted last week that Bitcoin could fall to the $10,000 level next year due to interest rate hikes and monetary tightening by the US Fed.
■ VC Tim Draper “will reach $250,000 by the end of next year”
However, there are investors who are optimistic about Bitcoin.
American venture capitalist Tim Draper predicted that “Bitcoin will reach $250,000 in 2023.”
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He said in an interview with CNBC, “The expectation that it will be more than $250,000 remains the same. However, the timing will be delayed from the middle of next year to the end of the year.” He added that despite the fall of FTX, the $250,000 forecast for next year has not changed.
He cited the fact that the number of ordinary investors is gradually increasing as the barrier to entry into the digital currency market is lowered as a factor for the increase.
