Standard Chartered forecasts ‘surprise’ Bitcoin downside after FTX collapse

The worth of Bitcoin (BTC) is being touted to driblet arsenic debased arsenic $5,000 successful 2023 according to Standard’s Chartered planetary probe caput and main strategist.

As initially reported by Bloomberg, a enactment to investors published connected Dec. 4 from the multinational bank’s main strategist Eric Robertsen weighed-up a imaginable driblet successful Bitcoin’s worth correlated with a surge successful carnal Gold.

Robertsen outlined prospective scenarios for 2023 that could spot involvement complaint reversals from hikes successful 2022, further cryptocurrency assemblage bankruptcies and antagonistic sentiment towards the market.

This could see further downside for Bitcoin adjacent year, with a 70% diminution from its existent marketplace worth portion Gold could spot an upside of up to 30% to the $2,250 people per ounce.

The closing months of 2022 person been tumultuous for the wider cryptocurrency ecosystem. The illness of Sam Bankman-Fried’s FTX cryptocurrency speech and hedge money Alameda Research sent shockwaves done the manufacture successful what has already been a pugnacious year.

FTX’s bankruptcy proceedings has already led to collateral damage, with cryptocurrency lender BlockFi following successful its footsteps owed successful portion to ‘significant exposure’ to FTX and Alameda and obligations that the defunct companies had with the former.

Related: Bankruptcy tribunal told FTX and Alameda they beryllium BlockFi $1B, but it’s complicated

Meanwhile cryptocurrency proponents person provided contrasting outlooks for the abstraction successful 2023. Renowned Venture capitalist and blockchain capitalist Tim Draper touted Bitcoin hitting $250,000 adjacent year, highlighting his content that the FTX fiasco would pb to greater decentralization, adoption of BTC and accrued self-custody by users.

As Cointelegraph antecedently reported successful precocious November, macro marketplace expert Henrik Zeberg besides outlined a imaginable surge successful the worth of Bitcoin alongside different hazard assets implicit the $100,000 barrier.

Hedge money manager Mark Yusko besides touted the imaginable commencement of Bitcoin’s adjacent large bull run successful the 2nd 4th of 2023 arsenic the ecosystem begins to accumulate BTC successful anticipation of the adjacent reward halving event.