- Bitcoin price expected to surge to $50,000 by the end of 2023.
- Standard Chartered Bank predicts a decline in Bitcoin price to $5,000.
- Bitcoin’s value remains below half of its peak at $69,000 in November 2021.
There is a notable divergence in Bitcoin price forecasts for 2022 and 2023 in the crypto industry. A respected Chinese reporter, Colin Wu, recently shared Twitter insights regarding Standard Chartered Bank’s latest research. According to this research, Bitcoin is expected to experience a significant surge, reaching $50,000 by the conclusion of 2023. This projection starkly contrasts with their earlier prediction of a decline to $5,000.
The price volatility of Bitcoin has exhibited significant fluctuations over the past few years. While the cryptocurrency experienced a remarkable 80% surge since the beginning of this year, its value of slightly above $30,200 remains below half of its peak at $69,000 in November 2021, as reported by Business Today.
The current price of Bitcoin has surged to over $30,000 from its starting point of $17,000 at the beginning of this year. According to Standard Chartered, this recent price surge may incentivize Bitcoin miners to accumulate more available supply. Furthermore, the anticipated halving event in 2024 is predicted to exert additional pressure on the supply of Bitcoin.
One Twitter user responded to the tweet, expressing skepticism, stating, “It appears that Standard Chartered Bank lacks insight into the future direction of the price.” Conversely, another Twitter user held a contrasting view and advised, “Consider this as a signal to sell immediately.”
Contrarily, Eric Robertson, the esteemed head of market research at Standard Chartered Bank, presented divergent forecasts in a corresponding report released in 2022. Robertson anticipates an extended period of BTC selloff, resulting in an additional 70% decline in price and substantial losses across the cryptocurrency market as a whole.
Furthermore, Mark Mobius, an esteemed investor with extensive experience in the crypto industry, shared his insights with CNBC, projecting a substantial surge in Bitcoin’s value to reach $10,000 by 2023. Additionally, the experts at Standard Chartered, renowned for their astute analysis in the field, have also anticipated a notable increase in the price of gold while cautioning about the potential insolvency of certain crypto enterprises due to inadequate liquidity.
Contrary to prevailing sentiment, esteemed venture capital investor Tim Draper remains steadfast in his prediction that Bitcoin’s value will surge to an impressive $250,000, undeterred by the recent setback of FTX’s collapse. Draper confidently asserts, “Despite the digital coin’s substantial decline of over 60% this year, my conviction in the $250,000 target remains unwavering.”
In the crypto industry, esteemed British entrepreneur and investor Alistair Milne recently took to Twitter to share his prediction that Bitcoin’s price will reach a minimum of approximately $45k by the conclusion of 2023. This aligns with the prevailing sentiment that Bitcoin’s price trajectory will continue its upward momentum, as the price predictions from 2023 to 2030 indicate.
