Matthew Sigel, the head of digital assets research at global investment behemoth VanEck, said Bitcoin (BTC), the largest cryptocurrency by market capitalization, could fall to either $10,000 or $12,000 price region in the first quarter of 2023.
Matthew Sigel noted:
“Bitcoin will test $10,000 – $12,000 in Q1 amid a wave of miner bankruptcies, which will mark the low point of the crypto winter.
“The MVIS Global Digital Assets Mining Index median market cap is now only $180 million, with nearly all constituents burning cash and trading well below book value.
“With Bitcoin mining largely unprofitable given recent higher electricity prices and lower Bitcoin prices, we predict that many miners will restructure or merge.”
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