VanEck’s head of Digital Assets Research Matthew Sigel has predicted that Bitcoin (BTC) prices could hit $10,000 to $12,000 in the first quarter, marking the bottom of the bear market. According to Sigel, this could be caused by a wave of miner bankruptcies. This prediction serves as a reminder of the volatility of the cryptocurrency market, and the importance of careful investment strategy. Though the market is volatile, it also has the potential to experience significant growth in the future.
VanEck predicts BTC to $30K by Q3
According to Sigel, Bitcoin has been behaving as a risk asset over the last year and is now showing signs of becoming more sensitive to changes in interest rates. This is due to a variety of factors, such as the implementation of sanctions, political decisions to manage inflation, and attempts to facilitate an energy transition. With all of these elements at work, it is easy to see why Bitcoin is reacting differently to interest rate hikes. This increased sensitivity could have important implications for how Bitcoin is used and valued in the future.
According to industry expert Sigel, Bitcoin (BTC) is expected to rise back to its all-time high of $30,000 by the second half of 2023. Several factors contribute to this prediction, such as lower inflation, easing energy concerns, and a potential truce in Ukraine. He also believes that the turnaround in M2 supply will trigger the start of a new bullish market. With a steady increase in institutional investors and the increasing popularity of digital currencies, it is not surprising that Bitcoin could reach $30,000 in the next two years.
“Merely a lack of bad crypto-specific news, under the above scenario, could cause the price of Bitcoin to climb a wall of worry back to $30K again.”
Matthew Sigel, VanEck’s head of Digital Assets Research
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Price of Bitcoin
At the moment of this article, the Bitcoin price is $16,771.44 with a 24-hour trading volume of -0.12% down. Bitcoin has secured in the cryptocurrency market a market cap of $322.92 B. The BTC has traded -0.12% down in the last 24 hours.