The world’s largest cryptocurrency Bitcoin (BTC) has remained steady for a while at around $16,700 levels and has been trading in a very tight range of the support of $16,600 and a strong resistance of $17,000.
The last year of 2022 witnessed one of the harshest crypto winters in history with the BTC price tanking by nearly 60%. Bitcoin ETF issuer VanEck Investments believe that the Bitcoin correction is still not done with.
VanEck expects the BTC price to fall in the range of $10K-$12K in the first quarter of 2023. The investment giant also expects a few minor bankruptcies to take place in line which would mark the low point in the crypto winter.
On the other hand, Bitcoin whale activity has been on a major decline as reported last week. Thus, there are not many catalysts for the BTC price to rally going ahead. Along with VanEck’s prediction, on-chain data also shows weakness in the BTC price as of the current date. 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 needs to pick up in 2023, and this week will be telling as non-holiday days begin.
Bitcoin Can Recover In the Second Half of 2023
In its recent prediction, VanEck reported that the Bitcoin price can recover by the second half of 2023 and its price will rise to $30,000. This is nearly 80% from its current price and could be over 100% gains if its falls to $12K.
In the second half of this year, VanEck expects the global macros to improve with lower inflation, easing energy concerns, and a possible truce in Ukraine. Thus, a turnaround in the M2 supply will power the new bull run.
VanEck predicts that Brazil will emerge as one of the most crypto-friendly nations in the world. It also expects financial institutions to tokenize over $10 billion in off-chain assets.
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