Wilbur Kwok
New member
Standard Chartered published a list of potential shocks for 2023 on December 4, 2022. According to the list, President Joe Biden's impeachment and a decline in oil prices are possible. Unsurprisingly, cryptocurrency made the list as well.
Standard Chartered feels that the Bitcoin downturn is far from finished. According to Eric Robertson, Head of Research, Bitcoin might fall below $5000 next year, which the present market is "under-pricing." If this scenario comes true, we would be looking at a 70% reduction from today's price of $17,000 (December 6, 2022). He also mentioned that the demand for Bitcoin as digital gold may move to genuine gold. He contended that:
"The drop in Bitcoin's price will be accompanied by an increase in gold, with the yellow metal potentially surging 30% to $2,250 per ounce." This will occur if cryptocurrency falls further and more crypto firms succumb to liquidity constraints and investor withdrawals."
Robertson went on to say:
"The gold rebound in 2023 comes when the markets restart their bad market and the correlation between equities and bond prices returns to negative."
He did, however, clarify that he was not making any predictions. It is just an examination of scenarios that differ fundamentally from the current market perception.
What are your thoughts on the crypto market?
Standard Chartered feels that the Bitcoin downturn is far from finished. According to Eric Robertson, Head of Research, Bitcoin might fall below $5000 next year, which the present market is "under-pricing." If this scenario comes true, we would be looking at a 70% reduction from today's price of $17,000 (December 6, 2022). He also mentioned that the demand for Bitcoin as digital gold may move to genuine gold. He contended that:
"The drop in Bitcoin's price will be accompanied by an increase in gold, with the yellow metal potentially surging 30% to $2,250 per ounce." This will occur if cryptocurrency falls further and more crypto firms succumb to liquidity constraints and investor withdrawals."
Robertson went on to say:
"The gold rebound in 2023 comes when the markets restart their bad market and the correlation between equities and bond prices returns to negative."
He did, however, clarify that he was not making any predictions. It is just an examination of scenarios that differ fundamentally from the current market perception.
What are your thoughts on the crypto market?
