“Bitcoin Could Drop to $10,000 in Q1 2023”

No one can say with certainty what the bitcoin price has in store for the future. However, many people and parties make an attempt to predict where the course will go in both the short and long term.

For example, you could read earlier in the Bitcoin news that Mike Novogratz, the founder and CEO of Galaxy Digital, had spoken out about the long-term expectations of bitcoin (BTC). He expects bitcoin to hit a price of $500,000 in the long term. However, he does not expect this magic point to be reached within five years.

New BTC low

Analysts at VanEck, the major American asset manager, have often commented on the price expectations of bitcoin. This time it was Matthew Sigel, head of digital asset research at VanEck. He expects BTC to be a new low will set in the first quarter of 2023:

“Bitcoin will test $10,000 – $12,000 in Q1 amid wave of miner bankruptcies, marking the trough of the crypto winter.”

It has been reported many times that bitcoin miners are under pressure in the current bear market. This has everything to do with the low rates, the high hash rate and the energy costs that have skyrocketed.

Data from blockchain analytics company Glassnode shows that miners’ wallets have decreased by more than 25,000 BTC since July. At this point, 1,808 million BTC remains in the miners’ wallets, which is a new low over the last fourteen months.

Bitcoin to $30,000

After rain comes sunshine and so is Sigel’s expectation. He expects that BTC will not stay between $10,000 and $12,000 for long. In his opinion, the second half of 2023 will be a lot brighter and the price will rise towards $30,000:

“Lower inflation, easing energy concerns, a possible peace in Ukraine and a reversal of the money supply will herald the start of a new bull market.”

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