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An analyst at investment company VanEck believes that the HTS will drop to $ 10,000 in 2013
Matthew Siegel, head of research at VanEck Investment Company, shared his forecast for the value of the flagship cryptocurrency. According to the analyst, in 2023, BTC $60,368.23 Bitcoin -3.96% Market capitalization $1.19 trillion VOL. 24 hours $1.77 billion will fall to $ 12,000 or even $ 10,000. «Bitcoin will test $ 10,000-$ 12,000 in the first quarter of 2023 amid a wave of miner bankruptcies, which will be the lowest point of the cryptocurrency winter,» said Matthew Siegel.
The reason for the likely decline in the value of bitcoin is the massive bankruptcy of mining companies, which has already begun. The analyst believes that in the first half of 2023, miners will face even more problems than they are experiencing now. Already today, large mining companies are selling cryptocurrency mining rigs to cover losses due to the fall in the value of digital assets on the market.
The sale of equipment is also driven by the need to pay off loans that have not been repaid— during the period of rising cryptocurrency prices, mining companies actively purchased machines and rented premises for them, often on credit. However, since the beginning of 2022, digital asset quotes have fallen, causing a decrease in interest in cryptocurrency mining, which has led miners to face large losses.
The positive news, according to Siegel, is that in the second half of 2023, the value of bitcoin will begin to recover. «We predict that many miners will upgrade their businesses and merge. We also expect a decline in inflation, an easing of the energy situation, and a possible ceasefire in Ukraine [ред.: не перемир’я, а перемога України] — all of which will contribute to the start of a new bull market,» Siegel summarized.
As for other forecasts for 2023, the analyst suggested that Brazil will become one of the most cryptocurrency-friendly countries and tokenize part of the state budget; Ripple will lose the SEC lawsuit; Ethereum will allow withdrawals from the Beacon Chain.