(MENAFN) According to a report from the cryptocurrency news website Decrypt, the United Kingdom-based multinational bank Standard Chartered has predicted that investors are underestimating the price of Bitcoin, which might go as low as USD5,000 next year.
The forecast was included in the banking group’s yearly list of potential outcomes that analysts think the markets could be ignoring.
In a memo to customers obtained by the media, Standard Chartered’s global head of research Eric Robertsen claimed, “Yields plunge along with technology shares, and while the Bitcoin sell-off decelerates, the damage has been done.” Noting that “more and more crypto firms and exchanges find themselves with insufficient liquidity, leading to further bankruptcies and a collapse in investor confidence in digital assets.”
“Have a non-zero probability of occurring in the year ahead,” the analyst declared, and adding that certain extreme possibilities “fall materially outside of the market consensus or our own baseline views.”
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