VanEck: “Bitcoin price could fall to $10,000 in Q1 2023”

The big lords and analysts of the big VanEck see a dark scenario for the Bitcoin price for the beginning of 2023. As you may know, the Bitcoin mining industry is under pressure due to the low prices, high hashrate and high energy costs. That could mean that they have to sell large amounts of Bitcoin in the coming months to stay afloat.

Bitcoin under pressure

Unlike Bitcoin, VanEck sees things a lot brighter for the rest of the financial market. The inflation figures in the United States are finally moving in the right direction, which means that the Federal Reserve can quietly reduce the rate of interest rate hikes.

However, the problems among the miners create a unique scenario for the Bitcoin industry, which means that the Bitcoin price may not benefit from those extenuating circumstances. “Bitcoin will test the $10,000 to $12,000 rate in the first quarter of 2023 as a wave of bankruptcies looms for miners,” VanEck’s Matthew Sigel said.

The data from the on-chain analytics company Glassnode confirms this picture. They found that miners had to sell 25,000 Bitcoin since July to make ends meet. However, this still leaves 1.818 million Bitcoin in miners’ wallets. Which means they still have plenty of room to sell.

Second half of 2023 will be better

Sigel and VanEck see things a lot brighter for the second half of next year. While a drop to $12,000 means Bitcoin is down 82 percent from its all-time high of $69,000, Sigel says we won’t be staying at that level for long. In the second half of 2023, he expects the Bitcoin price to pick up again towards $ 30,000.

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“Lower inflation, energy improvements, a possible peace in Ukraine and a reversal of the money supply will herald the start of a new bull market,” said Sigel. Furthermore, he expects an oil-exporting country to add Bitcoin to its sovereign wealth funds. Those are pretty high expectations for the new year.

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