Analysts at banking giant Standard Chartered have warned the bitcoin price could fall as low as $5,000 in 2023—a further 70% decline that would reduce the bitcoin market capitalization to around $100 billion...
... [+]Bitcoin's further price delines could coincide with a potential 30% increase in the price of gold, according to Robertsen, as"cryptocurrencies fall further and more crypto firms succumb to liquidity squeezes and investor withdrawals," re-establishing gold as the ultimate safe haven from market volatility.
"The 2023 resurgence in gold [also] comes as equities resume their bear market and the correlation between equity and bond prices shifts back to negative," Robertsen added. A gold price surge has also been predicted by Saxo analysts in their annual"outrageous predictions," forecasting the gold price could slice"through the double top near $2,075 as if it wasn’t there and hurtles to at least $3,000" in 2023.
"Any belief in a return to the disinflationary pre-pandemic dynamic is impossible because we have entered into a global war economy, with every major power across the world now scrambling to shore up their national security on all fronts; whether in an actual military sense, or due to profound supply-chain, energy and even financial insecurities that have been laid bare by the pandemic experience and Russia’s invasion of Ukraine," Saxo chief investment officer Steen Jakobsen said via...
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