Eric Robertson, the Global Head of Research at Standard Chartered Bank, has warned that Bitcoin could plunge another 70% to $5,000 by 2023.
The pundit noted that a drop in Bitcoin’s price was likely to spur investor interest in physical gold, driving the precious metal’s price up by roughly 30%.
Bitcoin continues to retrench on the back of a crypto winter spin-out caused by the collapse of FTX and its sister trading firm Alameda Research last month.
The leading cryptocurrency by market capitalization was trading at $16,988 after a 1.74% drop in the past day.
Reports have emerged that crypto broker Genesis and its parent company Digital Currency Group, owe Gemini customers $900 million.
Recently, leading firms, including crypto exchanges Kraken, Coinbase and Bybit, have announced plans to conduct significant lay-offs.
Because of the incomming FED Meeting we could go up to around 30K if they decide to slow down with the rate hikes but most prolly we will see a lower low in the near future.