Bitcoin To Crash to $10,000 Before Exploding by Over 200%, Says Investment Giant VanEck Heres the Timeline

Matthew Sigel, head of digital asset research at global investment giant VanEck, predicts a sharp volatility for Bitcoin (Bitcoin) for the next few months.

Starting with a bearish forecast, Sigel To tell In a post detailing 2023 crypto predictions that Bitcoin could fall from $10,000 to $12,000 in the first quarter of next year.

According to Siegel, bitcoin miners are currently unprofitable and the resulting bankruptcy would cause a crash in the price of major crypto assets.

Bitcoin tests $10,000 to $12,000 in Q1 amid a wave of minor bankruptcies, marking the crypto winter low.

The median market capitalization of the MVIS Global Digital Assets Mining Index is currently just $180 million, with nearly all constituents burning cash and trading well below book value.

Given the recent rise in electricity bills and falling bitcoin price, Bitcoin mining is largely unprofitable and many miners predict they will reorganize or merge. “

The MVIS Global Digital Asset Mining Index tracks the performance of companies that generate more than half of their revenue from digital asset mining or activities related to the crypto mining ecosystem.

Turning to the bullish forecast, VanEck’s head of digital asset research said Bitcoin could rise to $30,000 from next July as lower inflation triggers monetary and fiscal policy easing. I’m here.

On the other hand, if recession expectations come to pass, the Federal Reserve will likely pause rate hikes amid waning inflation, and money printing and government deficits will continue. .

In the above scenario, Bitcoin’s price could push the fear wall up to $30,000 again, just in the absence of crypto-specific bad news. “

At the time of writing, Bitcoin is worth $16,692, down more than 4% in a single day.

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