Chief Economist and Global Strategist at EuroPac asset management, Peter Schiff commented on Standard Chartered’s claim that Bitcoin was bound to fall 70% from its current price to $5000 in 2023. Peter shared a tweet where Standard Chartered Bank made the prophecy and said that Bitcoin could go down even further, from the $5000 mark set by the global bank.
After all the drama, the crypto market is still bleeding, so this may potentially be a win for gold. According to Eric Robertsen from Standard Chartered, if the crypto crisis continues, the price of gold would reach $2,250 per ounce. He implied that people would shift from the crypto sector to go back to the all-time favourite metal, gold because investor confidence in crypto assets might crash if more crypto enterprises and exchanges have cash flow problems. He expected the price of gold to appreciate by at least 30%.
Many executives and banks have predicted that the market would continue to see a number of margin calls or near calls in the future, which have been spurred by the recent failures of the major names who have been misleading the market.
In a similar manner, J.P. Morgan researchers opined that the price of Bitcoin will not increase any time soon. They claimed in November that recent market developments (collapse of FTX) will force the price, which is hovering around $17,000 and recently hit a two-year low, to drop even further to $13,000 levels.
Mark Newton, head of technical strategy at Fundstrat, an independent New-York-based equity research firm made similar remarks about Bitcoin’s price— entering the $13,000 zone and testing it. However, he did not agree with the prediction that bears will be able to push the price below the $10,000 mark.
In September 2021, a team of Standard Chartered analysts predicted that Bitcoin could be worth $100,000 by the end of 2022 or early 2022. The Hong Kong division of Standard Chartered also declared its arrival into the Mega City district of the Sandbox Metaverse in order to interact with the partners, employees, and customers as well as the IT community.