Bitcoin is expected to reach another 30% in the first quarter of 2023

[ad_1]

The world’s largest cryptocurrency, Bitcoin (BTC), has held steady for some time at around $16,700 and traded within a very narrow range of $16,600 support and strong resistance at $17,000. dollars.

The last year of 2022 witnessed one of the harshest crypto winters in history, with the price of BTC dropping nearly 60%. Bitcoin ETF issuer VanEck Investments believes that the Bitcoin correction is still not over.

VanEck expects the price of BTC to fall into the range of $10,000 to $12,000 in the first quarter of 2023. The investment giant also expects a few minor bankruptcies to occur online, this which would mark the low point of the crypto winter.

On the other hand, Bitcoin whale activity has seen a significant decline, as reported last week. Thus, there are not many catalysts for the price of BTC to recover in the future. Along with VanEck’s prediction, the on-chain data also shows weakness in the price of BTC as of the current date. On-chain data provider Santiment reported:

According to @santimentfeed’s #NVT price prediction model, #Bitcoin & #Ethereum still require increased network utility to justify current market caps. The traffic rate of both networks is expected to increase in 2023, and this week will be revealing with the start of non-holidays.

Courtesy: SantimentBitcoin may recover in the second half of 2023

In his recent prediction, VanEck indicated that the price of Bitcoin may recover by the second half of 2023 and its price will reach $30,000. This is almost 80% of its current price and could represent over 100% gain if it drops to $12,000.

In the second half of this year, VanEck expects global macros to improve with lower inflation, easing energy concerns and a possible truce in Ukraine. Thus, a reversal in the supply of M2 will fuel the new uptrend.

VanEck predicts that Brazil will become one of the most crypto-friendly nations in the world. He also expects financial institutions to tokenize over $10 billion in off-chain assets.

Bhushan is a FinTech enthusiast and has a good flair for understanding financial markets. His interest in economics and finance draws his attention to the new emerging markets of Blockchain technology and cryptocurrency. He is continually in a learning process and motivates himself by sharing his acquired knowledge. In his spare time, he reads thrillers and occasionally explores his cooking skills.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.

[ad_2]