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VanEck Predicts Bitcoin To Drop Between $10K-$12K In Q1 2023

14 December 2022
in Markets
Reading Time: 3 mins read
107 2
Home Markets

Following the release of the U.S. inflation report on Tuesday, which confirmed that the Federal Reserve’s (Fed) liquidity tightening is expected to slow, the outlook for risk assets, including stocks and bonds, is looking positive. 

This news has boosted investor confidence, and they are likely to continue to pour money into risk assets in the coming weeks. 

However, not all assets are expected to benefit from this optimistic forecast. Bitcoin (BTC), for example, is likely to remain under pressure, according to investment giant VanEck. 

In its 2023 outlook, VanEck’s head of digital assets research, Matthew Sigel, warned that several miners are likely to go bankrupt in the coming months, which could overshadow the improving macroeconomic conditions and push BTC down to the $10,000 to $12,000 range. 

The world’s most popular cryptocurrency, Bitcoin, has had its fair share of ups and downs. This year, however, has been particularly challenging for the miners responsible for minting new coins. 

On the one hand, the rising cost of electricity and other operational expenses has made it more difficult for miners to profit. Furthermore, the falling price of Bitcoin has made it even more difficult for them to recoup their costs and earn a reasonable return on their investments. 

To make matters worse, increased competition among miners has only exacerbated the situation. As more and more people have begun mining Bitcoin, the difficulty level of the puzzles that need to be solved to create new coins has increased significantly. This has made it even more difficult for individual miners to compete and earn a profit. 

This is a significant drop from the current price of BTC, which is hovering around $18,000. However, Sigel notes that this could mark the low point of the so-called “crypto winter” and pave the way for a rebound in the value of the digital currency later in the year. 

Despite this short-term dip, Sigel is bullish on the long-term prospects of BTC and other cryptocurrencies. He believes that the underlying blockchain technology, which powers BTC and other digital currencies, has the potential to revolutionize the financial industry and create new opportunities for investors. 

Finally, the 2023 outlook for risk assets remains positive, but investors should be prepared for some bumps in the road, especially with Bitcoin and other cryptocurrencies.

 

If you would like to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, and Instagram.

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