Standard Chartered Bank Makes an Unusual Prediction about Trading Price of Bitcoin in 2023

The year 2022 has been nothing but a disappointment for Bitcoin (BTC) because the asset has failed to experience a single all-time high in the running year.

The running year has been plagued by the crypto winter that has stayed with the industry since the very beginning of the year.

As the year 2022 is coming to its conclusion, analysts are coming up with their own predictions about Bitcoin’s price in 2023.

So far, most of the predictions made by the analysts and the trading gurus for Bitcoin have been positive. The majority of them believe that the trading price of Bitcoin would hit multiple all-time highs in 2023.

SCB’s Prediction on Bitcoin                     

However, there are analysts and market experts who are coming up with negative predictions about Bitcoin’s price.

The predictions they have been making about the trading price of Bitcoin going as low as $10,000. Then comes the chief strategist and global research head from Standard Chartered with his prediction.

The strategist and head at Standard Chartered have predicted that the trading price of Bitcoin would plunge to $5,000 in the year 2023.

Investors Note Published by Eric Robertson

On December 4, an investors’ note was published by Eric Robertsen, the global research head at the SCB. Robertsen predicted that in the year 2023, the value of the physical gold would surge significantly.

On the contrary, the value of the largest cryptocurrency would plummet, inversely to the trading price of gold.

The prediction made by Robertsen is very concerning for the entire Bitcoin community. He has made the statement with confidence and has pointed out that a major plummet will be recorded in the digital asset.

Scenarios Leading to BTC’s Demise

Robertsen stated that the price of Bitcoin may be rising at present but it is mainly because the dollar value is plunging.

The dollar price dip is because of the decisions made by the Feds to control the high inflation rates. It is only a matter of time, the dollar price will run its course until it reaches its natural cycle.

When that happens, the price of Bitcoin may start declining versus the price of the dollar. In that scenario, a bearish trend may come to life, bringing Bitcoin’s price lower.

Then there are the overall negative crypto market sentiments. The year 2022 has caused a major impact on the overall reputation of the cryptocurrency industry followed by major (Terra & FTX) crashes.

It may take the industry a lot of time before it makes it back to its original state and until that happens, all major crypto will face huge plunges.

In both scenarios, there is a great possibility that the price of Bitcoin may plunge to $5,000.