VanEck: Bitcoin (BTC), Price to Tank to $10K in the First Quarter
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.
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.
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.
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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