The world’s most popular cryptocurrency Bitcoin (BTC), has been steady for a while at $16,700 levels. It has traded in a tight range of support at $16,600 and resistance at $17,000, and has been trading in a tight range of $16,600.
The crypto winter of 2022 saw the BTC price plummeting by almost 60%. VanEck Investments, a Bitcoin ETF issuer, believes that the Bitcoin correction has not been completed.

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VanEck predicts that the BTC price will fall between $10K and $12K in the first quarter 2023. VanEck also expects that there will be a few minor bankruptcy filings in the first quarter of 2023, which would mark the end of the crypto winter.

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As reported last week, Bitcoin whale activity has been in decline. There aren’t many catalysts that could cause the BTC price rally to continue. VanEck’s prediction is confirmed by on-chain data that shows a decline in the BTC market price at the moment. On-chain data provider Santiment reported:
@santimentfeed’s #NVT price prediction model shows that #Bitcoin and #Ethereum still need some additional network utility to justify current market cap levels. In 2023, both networks need to see a rise in circulation. This week will be revealing as non-holidays begin.
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Courtesy: SantimentBitcoin can recover in the second half of 2023
VanEck recently predicted that Bitcoin’s price would recover in the second half 2023, and that it would rise to $30,000. This is almost 80% of its current price, and could lead to over 100% gains if it falls below $12K.

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VanEck predicts that the global macros will improve in the second half this year with lower inflation, less energy worries, and a possible truce between Ukraine and the EU. The new bull run will be powered by a turnaround in M2 supply.
VanEck predicts Brazil will be one of the most crypto-friendly countries in the world. It expects financial institutions will tokenize more than $10 billion in off-chain assets.

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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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