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Bitcoin Could Crash to $5,000 and Crypto Market Cap Could Reach $100 Billion Value in 2023 

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Bitcoin and digital currencies are as yet faltering from the unexpected breakdown of crypto trade FTX last month (with even the greatest bitcoin price bulls abruptly paddling back their forecasts).

The bitcoin price has found a bottom at around $17,000 per bitcoin in the wake of imploding from nearly $70,000 toward the end of last year, causing fears the bitcoin and crypto industry could be “set out toward zero.”

Analysts at Standard Chartered actually predicted that in 2013 the bitcoin price could crash to $5,000 making a further 70% decline. A decline that would bring down the crypto market to a $100 billion valuation and cause a catastrophe in the crypto space.

“Yields plunge along with technology shares, and while the bitcoin sell-off decelerates, the damage has been done,” Eric Robertsen, global head of research at Standard Chartered bank, wrote in a note originally seen by CNBC named ” the financial-market surprises of 2023.”

Robertsen cautioned that further decreases in tech stocks will cause an acceleration in the bitcoin price decline causing more liquidations among crypto companies.

Over the course of the past month, the aftermath from the collapse of Luna and UST stablecoin, caused  the FTX exchange collapse, FTX seems to have misused costumer funds and  might have affected other crypto companies we don’t know yet about them because transparency has not being made yet.

” More and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets,” Robertsen said, adding this isn’t really the most probable situation yet possible according to the market behaviour.

The “surprise” scenarios “have a non-zero probability of occurring in the year ahead.”

Bitcoin’s further price declines could match with a possible 30% increment in the price of gold, as per Robertsen, as “digital currencies fall further and more crypto firms capitulate to liquidity presses and financial backer withdrawals,” restoring gold as the ultimate place of refuge from market unpredictability.

“The 2023 resurgence in gold [also]comes as equities resume their bear market and the correlation between equity and bond prices shifts back to negative,” Robertsen added.

A gold price increase has likewise been anticipated by Saxo analysts in their yearly ” outrageous predictions,” predicting the gold price could cut “through the double top top around $2,075 to no less than $3,000” in 2023.

” Any belief in a return to the disinflationary pre-pandemic dynamic is impossible because we have entered into a global war economy, with every major power across the world now scrambling to shore up their national security on all fronts; whether in an actual military sense, or due to profound supply-chain, energy and even financial insecurities that have been laid bare by the pandemic experience and Russia’s invasion of Ukraine,” Said Saxo CIO Steen Jakobsen.

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Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

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