Standard Chartered predicts that Bitcoin could fall to $5,000 in 2023 as part of its research into potential market surprises next year.
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Bitcoin The decline continued on Tuesday, falling more than $10,000 from last week’s all-time high.
The flagship cryptocurrency was last down 6% at $62,918.35, according to Coin Metrics. Prices climbed to a record $73,679 last week.
The move dragged other cryptocurrencies lower. ether Down more than 5%, it recently traded at $3,287.58, and last week topped $4,000 for the first time since December 2021 – with some analysts predicting a drop following the network’s Dencun upgrade.Bound token Solana down 8%, Dogecoin lost 7% and Ripple down 2%.
Among crypto-related stocks trading pre-market, Bitcoin Proxy micro strategy plunged 10%, while cryptocurrency exchanges Coin library down 5%.Mining stocks fell across the board, with the biggest decliners being Anti-riot platform and marathon numbersdown 6% and 5% respectively.
Bitcoin falls below $63,000
Bitcoin began to weaken last week as traders began to take profits, and Bitcoin surged about 70% from the beginning of the year to a peak last Wednesday. Data from CryptoQuant shows that on March 12, the number of investors selling Bitcoin for profit increased significantly.
Additionally, profit-taking led to a surge in long liquidations on leveraged Bitcoin positions. According to CoinGlass, approximately $122 million in long liquidations occurred on centralized exchanges on Monday. The amount of long liquidation from Wednesday to Friday last week was approximately US$372 million.
The successful launch of a spot Bitcoin ETF in the United States earlier this year was a key factor in Bitcoin’s rally, which began even before the ETFs were launched in anticipation of their regulatory approval. At the same time, investor interest and higher demand for Bitcoin have also led to an increase in leverage, which has increased. high frequency volatility.
Investors and analysts have warned that traders should exercise caution in March as heightened price volatility, coupled with increased trading volume, will cause Bitcoin to pull back from its long-term uptrend.
Chart watchers mostly say Bitcoin is heading towards new highs, but a sharp correction could also be seen.
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