FX.co ★ Standard Chartered: Bitcoin will drop to $5,000 in 2023.

The most significant level of $ 18,500 and its "duplicate" level of $17,582 were both broken at the 4-hour TF for bitcoin. The prices of the first cryptocurrency ever remained the same since then. In recent weeks, bitcoin has been rising slowly and gained about $1,500 in value. And in the current environment, flat is still very beneficial for bitcoin since there are only factors contributing to its decline and no factors contributing to its growth, aside from the occasional technical adjustment required. Corrections, meanwhile, should be noticed since they should still occur at least occasionally. The euro/dollar pair is a striking example; after struggling to adjust for two years, it is now growing rapidly and seemingly for no reason. Thus, bitcoin can be the start of something similar. But technical signals are still necessary to do this, and opening long positions without them is categorically not advised. What could these signals be? This represents a confident ascent above the $18,500 mark or a recovery from $12,426.

Meanwhile, Standard Chartered, which provides various financial services (and is not an investor in bitcoin, which is very important), said that the first cryptocurrency in the world could fall to $5,000 per coin over the next year. According to the company's experts, the increased profitability of treasury bonds and bank deposits could cause an even bigger wave of sales, leading to a string of bankruptcies in the cryptocurrency sector, which would cause an even bigger drop in the "bitcoin." The company additionally thinks that many investors may purposefully undervalue prices. There are growing indications that the "crypto winter" will last a considerable time. According to Standard Chartered, "many cryptocurrency exchanges find that they lack liquidity, which seriously undermines investor confidence in digital assets." According to experts, the "domino effect" worked following the demise of the FTX cryptocurrency exchange, and numerous cryptocurrency projects are still in the process of "crumbling." If gold continues to rise in price in the near future, bitcoin may also crash. In 2023, investors will increasingly favor safe assets due to the unpredictability of the global economy and geopolitics.

The "bitcoin" quotes left the side channel they had been in for five months on the four-hour time frame. Since the fall has already passed both crucial levels of $18,500 and $17,582, we anticipate it to continue with a target of $12,426 in the medium term. Although trend channels and lines are no longer useful, the downward trend still exists. Although Bitcoin tries to float, the fundamental background frequently submerges it.