Bitcoin is expected to grow to $ 30,000 in 2023

Matthew Siehl, a fund manager at investment giant VanEck, predicts that the price of the flagship cryptocurrency could rise to $ 30,000 in the second half of 2023. However, Seel noted that before that, BTC will drop to $ 10,000−12,000. The expert believes that the wave of cryptocurrency miners' bankruptcies will «mark the lowest point of the crypto zenith,» which will lead to a drop in the price of the virtual asset.

Siegel also expects the main cryptocurrency to grow rapidly afterwards, as there are reasons to believe that inflation will decline, progress is expected in the Russian-Ukrainian war, and the energy issue will improve worldwide. According to the financier, one of the reasons why BTC did not react well to the Fed’s interest rate hike was «the industry’s reaction to attempts to raise inflation, expanding sanctions, and micromanaging the world’s energy.»

Siegel noted: «If a recession does occur, the Federal Reserve will likely pause rate hikes as inflation declines, while money printing and government deficits continue. In this scenario, even the absence of bad news about cryptocurrencies could lead to the price of bitcoin rising to $ 30,000 again.»

The analyst has already stated that in the first half of 2023, miners will face even bigger problems than those they are experiencing now. Large mining companies are selling off cryptocurrency mining rigs, hoping to cover losses due to the fall in the value of digital assets on the market.

Siegel also suggested that in 2023, Brazil will become one of the most cryptocurrency-friendly countries and will tokenize part of the state budget. The expert is confident that Ripple will lose the SEC lawsuit, and Ethereum will allow withdrawing funds from the Beacon Chain blockchain.