KEY POINTS
  • Bitcoin could drop to $5,000 next year in a market surprise that investors are under-pricing, according to Standard Chartered, marking a 70% plunge from the current level of around $17,000.
  • In a note entitled "The financial-market surprises of 2023," Standard Chartered outlined a number of possible scenarios that "we feel are under-priced by the markets."
  • Standard Chartered said rising yields along with a plunge in technology stocks will lead to an acceleration of the bitcoin sell-off and cause further bankruptcies and collapses in the crypto world.

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Bitcoin could drop to $5,000 next year in a market surprise that investors are under-pricing, according to Standard Chartered.

If that level is reached, it would mark a roughly 70% plunge from Monday's price of just over $17,000 for one bitcoin.

In this article