Bitcoin could drop to $5,000 next year in a market surprise that investors are under-pricing, according to Standard Chartered, CNBC report.

If that level is reached, it would mark a roughly 70% plunge from Monday’s price of just over $17,000 for one bitcoin.

In a note entitled “The financial-market surprises of 2023,” Standard Chartered outlined a number of possible scenarios that “we feel are under-priced by the markets.”

Eric Robertsen, global head of research at Standard Chartered Bank, said in the note Sunday:

Yields plunge along with technology shares, and while the Bitcoin sell-off decelerates, the damage has been done. 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.

Robertsen said the somewhat extreme scenarios “have a non-zero probability of occurring in the year ahead, and ... fall materially outside of the market consensus or our own baseline views.”