Markets are underpricing several"surprise" scenarios for next year, according to Standard Chartered. The list includes Bitcoin dropping to $5,000 and gold rallying to a new record high of $2,250 an ounce.
A selloff to $5,000 would mean Bitcoin falling 70% from current levels of around $17,000. Bitcoin is already down 63% year-to-date following several massive down waves triggered by collapses of various crypto projects and companies, including the latest round of volatility due to the FTX implosion. Just over a year ago, Bitcoin traded at a record high of $69,000.
Another scenario is gold rallying as Bitcoin falls, with investors switching focus from the digital version of gold to the real metal. Robertsen said gold could jump to $2,250 an ounce next year"as cryptocurrencies fall further and more crypto firms succumb to liquidity squeezes and investor withdrawals."
Source: Digital Coin News (digitalcoinnews.net)
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