The post Bitcoin Price 2023: BTC Price Will Consolidate at This Level – Predicts VanEck’s Research Head appeared first on Coinpedia Fintech News

A dramatic sell-off in the crypto market threatens to cancel out the previous recovery cycle in Bitcoin, Ethereum, and other digital assets. Along with the market leaders, the bulk of cryptocurrencies fell and approached the November low while stepping into December with a grim outlook. Matthew Sigel, the head of digital assets research at global financial juggernaut VanEck, predicts significant fluctuations for Bitcoin in the coming months.

While presenting his Predictions for Bitcoin price 2023, Sigel predicts that Bitcoin will fall between the $10,000 and $12,000 range in the first quarter of next year. According to Sigel, Bitcoin miners are currently unprofitable. He also predicts that there will be a wave of miner bankruptcies, which would represent the low point of the crypto winter.

The median market cap of the MVIS Global Digital Assets Mining Index is presently under $180 million, with nearly all components burning cash and trading considerably below book value. He believes that many miners will restructure or merge as Bitcoin mining becomes increasingly unprofitable due to recently increased electricity prices and lower Bitcoin prices.

Here’s When BTC will Hit $30k

The MVIS Global Digital Assets Mining Index measures the performance of companies that generate at least half of their revenue from mining digital assets or other crypto-mining-related activities. In terms of a positive estimate, VanEck’s head of digital assets research believes Bitcoin might reach $30,000 by July of next year as monetary and fiscal policies are eased.

“Meanwhile, should our recession expectations materialize, the Federal Reserve would likely pause raising rates amidst softening inflation, while money printing and government budget deficits continue. Merely a lack of bad crypto-specific news, under the above scenario, could cause the price of Bitcoin to climb a wall of worry back to $30,000 again.”

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Filed under: Bitcoin - @ December 19, 2022 7:24 am