While some traders contended that bitcoin ( BTC-USD ) could be on its way to forming a bottom after dropping around 70% from its November 2021 peak, Standard Chartered reckons the plunge still has a ways to go. In fact, bitcoin ( BTC-USD ) could tank another ~70% to $5K in 2023, Eric Robertsen, the bank's global head of research, wrote in a recent note , as reported by Bloomberg. The token changed hands at $17.22K as of 9:27 a.m. ET. The note outlined a series of possible scenarios for next year that could see interest rates plunging as the global economy increasingly comes under pressure, as well as more cryptocurrency-related bankruptcies resulting in further loss in investor confidence. Robertsen pointed out that the possible drop in demand for bitcoin ( BTC-USD ), commonly referred to as "digital gold," could thus result in a 30% surge in the spot price of gold ( XAUUSD:CUR ), which traded at $1,792 per ounce at the time of writing. The wider crypto ecosystem has been stung by another major blow in what was already a challenging year: the recent fallout from crypto exchange FTX ( FTT-USD ). The ripple effects of that abrupt collapse have been going strong as crypto lender BlockFi filed for Chapter 11 bankruptcy protection last week. Standard Chartered's bearish take on bitcoin ( BTC-USD ) diverges from SA contributor Tao Jaxx's view, who called for a potential $1M price tag .
