Wave of crypto miner bankruptcies could keep bitcoin under pressure in the first quarter of 2023, VanEck's matthew_sigel said, while forecasting a bull revival in the second half of next year. By godbole17
that affirmed the expected slowing of the Federal Reserve's liquidity tightening.
"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," Matthew Sigel, head of digital assets research at VanEck, said in the 2023 outlook.between rising operational costs and falling bitcoin prices. And so, when the price crashes, as it has this year by 61%, it leads to miner capitulation – a situation where weak miners exit the market, selling their reserves and causing the price to drop further. In a worst-case scenario, the capitulation could lead to a death spiral.
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