Bitcoin Price Will Fall in 2023 I quarter: VanEck


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Global Investment Manager VanEck published an article on his blog this Thursday, December 15th titled: 11 predictions for 2023 This is a paper that examines the possible behavior of the bitcoin and cryptocurrency markets in the coming years.

As for bitcoin, a paper prepared by Matthew Sigel, director of digital assets at VanEck, states that In the first quarter of the year, its price will rise and remain between $10,000 and $12.00which will mark the end of cryptocurrency winter.

For the second 2023 studio de VanEck predicts BTC price recovery to $30,000. During that period, a combination of factors such as a possible ceasefire in Ukraine and lower inflation, could lead to the beginning of a new era of bitcoinsaccording to the report.

The first in 2023 quarter: bitcoin’s bottom

As for the predictions for the first 2023 for the quarter, which will see the price of bitcoin continue to fall by almost 40%, VanEck believes that the main reason is the intense capitulation of Bitcoin miners. “Bitcoin to test $10-12,000 in Q1 amid wave of miner bankruptcies, marking crypto winter low.” the report said.

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VanEck mentions the MVIS Global Digital Assets Mining Index, which tracks bitcoin mining companies. “The average market capitalization of the MVIS Global Digital Assets Mining Index is now only $180 million.

The study confirms that with low profitability bitcoin miningWith the recent rise in electricity prices and falling prices, many miners will be reorganizing or merging.

There is also an additional prediction that it will accelerate to 2023. in the fall of the first quarter.

It’s about Ripple’s losses due to the SEC lawsuit, which may happen early in the year, VanEck says. “That would kill almost the entire bull market after 2020,” VanEck says.

Bitcoin price recovery in the second half

“In 2023 in the second half of the year, the price of bitcoin will rise to $30,000. Lower inflation, easing energy concerns, a possible ceasefire in Ukraine and a change in M2 supply will trigger the start of a new bull market,” the report said.

The report notes that cryptocurrencies in general “will continue to grow in 2022. experienced a brutal bear market.” He mentions that many companies in this sector they exploded i.e that confidence is quite low. “Bitcoin has been traded as a risk asset over the past year and has been sensitive to interest rate hikes.

On the other hand, the study says that the war in Ukraine is “creating a more economically integrated Eurasia with incentives to adopt new payment methods for cross-border trade.”

In developed markets, users will hold bitcoin as a store of value over timethe report said. He also adds that “Bitcoin is perceived more as a hedge against M2 inflation (money printing) than overt consumer price index (CPI) inflation.” In emerging markets, on the other hand, “the focus is more on remittances and neutral alternatives to the hegemony of the dollar,” says VanEck.

A study by Ecoinometrics, commented on by CriptoNoticias, suggests two scenarios for the price of bitcoin in 2023 The first, which assumes that bitcoin has already bottomed out, predicts a price range of $27,000 to $33,000. According to Ecoinometrics, the scenario where bitcoin does not bottom out is between $15,000 and $20,000.

Source: news.google.com

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