Decrypt, a cryptocurrency news site, is reporting that multinational bank Standard Chartered is warning customers that Bitcoin could surprise investors by  falling to a value as low as $5,000 in the coming year.

The UK banking group made the prediction as part of an annual report on a number of potential scenarios it notes investors may be overlooking as the new year approaches.

Eric Robertsen, global head of research at Standard Chartered, said “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.”

The report noted their objective was to look at extreme scenarios which “have a non-zero probability of occurring in the year ahead, and … fall materially outside of the market consensus or our own baseline views.”

Robertsen said a collapse in Bitcoin’s price could coincide with a rally in gold, possibly driving the precious metal up 30% to $2,250 per ounce, “as cryptocurrencies fall further and more crypto firms succumb to liquidity squeezes and investor withdrawals.”

He went on to speculate gold could reacquire its mantle as a safe haven in times of instability, with investors driven to it by volatility in the markets.

So far this year Bitcoin has fallen by 60% following a series of collapses of major players in the cryptocurrency space, from crypto hedge fund Three Arrows Capital to cryptocurrency exchange FTX. The contagion from FTX’s fall is still spreading through the market, impacting investor confidence in cryptocurrencies, and the companies which deal with them.

Bitcoin was trading around $16,800 per coin on Wednesday.