- Standard Chartered Bank predicted at the end of 2022 that Bitcoin could fall to $5,000 in 2023.
- However, newer predictions said the price could rise to $50,000 by the end of 2023.
- Moreover, the price by the end of 2024 is predicted to reach $120,000.
Addressing the polarity between Bitcoin price predictions in 2022 and 2023, Colin Wu, a Chinese reporter, tweeted about the recent research by Standard Chartered Bank. The research predicted a rise in the price of Bitcoin to $50,000 by the end of 2023, which is different from their early predictions of its fall to $5,000.
The price of Bitcoin has changed dramatically within the last few years. The price leapt 80% since the start of the year but its current level of just over $30,200 is still less than half the $69,000 it peaked back in November 2021, according to Business Today.
Its current level of over $30,000 has risen from the beginning of this year’s $17,000. Standard Chartered said that the latest jump in price could encourage Bitcoin miners to hoard more of the supply. Also, the upcoming halving event in 2024 is expected to create additional supply pressure.
A Twitter user replied to the tweet and said, “Sounds like Standard Chartered Bank has no clue where the price is going.” While another Twitter user disagreed and said, “Take this hint and sell. Now.”
However, in a similar report published in 2022, Eric Robertson, the head of market research at Standard Chartered Bank, presented contrasting predictions. He predicted further BTC selloff, which will cause another 70% price drop and overall significant losses in the crypto market.
Also, Mark Mobius, a veteran investor, told CNBC that he forecasts Bitcoin to hit $10,000 in 2023. The analysts at Standard Chartered also predicted a rise in gold’s price and bankruptcy of crypto companies as they “find themselves with insufficient liquidity.”
On the contrary, venture capital investor Tim Draper predicted that Bitcoin’s price will increase and reach $250,000, despite FTX’s collapse. He said, “$250,000 is still my number, despite the digital coin’s more than 60% drop this year.”
Meanwhile, British entrepreneur and investor Alistair Milne also announced on Twitter that the price of Bitcoin would be at least ~$45k by the end of 2023. According to Bitcoin’s price prediction for 2023-2030, the price is expected to continue “its upward trend.”
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