Bitcoin (BTC) Price To Tank to $10K In First Quarte
According to VanEck, Bitcoin (BTC) will drop to $10K in the first quarter, is it true or rumors let’s discuss in details.
Recent Released: What Is Cryptocurrency Price Today 2nd Jan 2023?
Bitcoin (BTC), the largest cryptocurrency in the world, has been stable at around $16,700 for a while now. It has been trading in a very narrow range between $16,600 and $17,000, where it has met strong resistance.
In the last year of 2022, the BTC price dropped by nearly 60%, making it one of the worst crypto winters in history. The company that made the Bitcoin ETF, VanEck Investments, thinks that the Bitcoin correction is not over yet.
Price of BTC
VanEck thinks that the price of BTC will drop to between $10,000 and $12,000 in the first quarter of 2023. The investment giant also thinks that a few small companies will go bankrupt, which would be the crypto winter’s low point.
On the other hand, last week’s news showed that Bitcoin whale activity has been going down a lot. So, there aren’t many things that could make the BTC price go up in the near future. Along with VanEck’s prediction, on-chain data also shows that the price of BTC is getting weaker as of right now.
On-chain data provider Santiment reported:
📊 According to @santimentfeed's #NVT price prediction model, #Bitcoin & #Ethereum still require some increased network utility to justify current market caps. The circulation rate of both networks need to pick up in 2023, and this week will be telling as non-holiday days begin. pic.twitter.com/yZDVeQAnBt
— Santiment (@santimentfeed) January 3, 2023
Bitcoin’s price could go up again in the second half of 2023.
In its recent prediction, VanEck said that the price of Bitcoin could rise to $30,000 by the second half of 2023. This is a gain of almost 80% from its current price, and if it falls to $12K, it could be worth more than 100%.
VanEck thinks that the global macros will get better in the second half of this year, thanks to lower inflation, less worry about energy, and maybe even a truce in Ukraine. So, the new bull run will be driven by a change in the M2 supply.
VanEck thinks that Brazil will become one of the best places in the world for cryptocurrency. It also thinks that financial institutions will tokenize more than $10 billion in assets not on the blockchain.
Source: Google Trend