Bitcoin Could Drop to $10K-$12K by Q1 2023

Date: 14-12-22 By: Lisa Martin Credit: Google.com

[{"selector":"#anim-338382cd-31ab-4877-b1ea-3caf379a245d","keyframes":{"transform":["translate3d(218.74994%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-13c55ac3-ec1e-4b43-b4ec-e877669d762a","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] [{"selector":"#anim-1426cdd2-242e-4244-8829-dc3620ac4727","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d9edd40e-ddff-4a38-84f1-8e446530332c","keyframes":{"transform":["translate3d(-118.03278%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-4ce6839d-b0ba-45f3-b35a-7dafb66db0b9 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.727864277123638%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] A major financial firm, predicts that Bitcoin (BTC) could continue under pressure since some miners are likely to fail, overshadowing the improvement of macroeconomic conditions. Credit: Google.com

[{"selector":"#anim-9a476c84-61cb-4bcf-a6b7-fa4498bcf793 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-14.404296585883896%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-acba48b4-b350-4536-a702-6835856b1138","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-89336989-7daa-473b-94d5-944f4668fb40","keyframes":{"transform":["translate3d(-118.03278%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8aa09657-5a1e-4cc0-908d-c1eb31dc5040","keyframes":{"transform":["translate3d(218.74994%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-b3d4e2c1-417c-44da-99d1-3e2e9760650c","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] A wave of miner bankruptcy will cause Bitcoin to hit $10,000–$12,000 in Q1, which will be the lowest point of the crypto winter. Credit: Google.com

[{"selector":"#anim-8ec45a69-afae-4960-9266-1a0932a5e378 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-20.70312481789452%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-466af72c-4f41-459f-afa1-afc8fc405a34","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0bf3bf3e-01db-4de9-90c3-05bbe6f18355","keyframes":{"transform":["translate3d(-118.03278%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-28c7c282-c9c2-4733-9824-f6ef3e2079b4","keyframes":{"transform":["translate3d(218.74994%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-1bc50310-86bc-4aab-85a4-8832c72b664b","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] In the 2023 outlook, VanEck's head of research for digital assets, Matthew Sigel, stated. Bitcoin miners, or those in charge of creating coins, Credit: Google.com

[{"selector":"#anim-d6baa44d-fd98-4195-bb40-0502116c99ee [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-21.874999829338588%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-a4056330-917e-42c1-8c4e-33c5e28019ed","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a6aac9c4-6b7d-4fe1-bfe3-e882aeaad184","keyframes":{"transform":["translate3d(-117.70492%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aee982f6-2cb6-470c-96f5-d193d9eb432f","keyframes":{"transform":["translate3d(218.74994%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-a19502b2-4b7f-4782-8e57-0ff33b31d9e0","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] have been forced to choose between increasing operating expenses and declining bitcoin prices. Bitcoin's price has a direct impact on the profitability of miners. Credit: Google.com

[{"selector":"#anim-16138f44-07c5-41de-b47a-d7ec60b052e3 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-17.187499783562224%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-37776d6e-1724-45f6-9a23-79a399b17418","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-b863057d-f20e-47dc-b294-c854b73e512d","keyframes":{"transform":["translate3d(-117.37705%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3c9028cc-bb2f-4867-9308-56cb8e533962","keyframes":{"transform":["translate3d(218.74994%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-968c5558-e537-443b-bd72-d195555029a8","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] given that they are compensated with the cryptocurrency for resolving challenging math problems in order to validate transactions on the blockchain. Credit: Google.com

[{"selector":"#anim-93a34b8b-4eff-48a8-ade9-0c9612145696 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-27.441406133698028%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-df6eebe8-95d0-440a-8498-8ac4c0bf7239","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-42260adf-8f0b-4c3b-adcc-ab6526880a42","keyframes":{"transform":["translate3d(-117.70492%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e676590e-ce15-469d-bd96-4396537b3f45","keyframes":{"transform":["translate3d(218.74994%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-c8f1e638-f6ba-47b8-aceb-ed8ffd26e4d9","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] Frequently, the prizes collected are liquidated to pay for operating expenses. Therefore, when the price declines, as it did this year by 61%, it results in miner surrender. Credit: Google.com

[{"selector":"#anim-4e3741d6-ae5c-49f6-872c-4679bb1dda8b [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-72af8869-9f1d-40c0-8e2b-a2ed689b49db","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a69dcf40-b8a2-4b8b-896f-ab3dadb77b42","keyframes":{"transform":["translate3d(-117.37705%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-7fcab29a-97b6-4ac5-b1b0-9a5159742e4d","keyframes":{"transform":["translate3d(218.74994%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-4bafc181-986b-4629-bb61-abba4c2c0f32","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] a scenario in which unprofitable miners leave the market, selling their reserves and driving the price further down. In the worst-case situation, giving in can cause a death spiral. Credit: Google.com

[{"selector":"#anim-421c9d2f-c76e-48eb-bf71-c645319c0329 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-13.216145531892012%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-8b3dda28-e1f5-4a05-99b9-9c54fc4276ad","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-c1f98d77-e126-412f-b2a4-23b54fc330c1","keyframes":{"transform":["translate3d(-117.37705%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-cc879718-e03d-4b01-83bf-1b82726dd1e7","keyframes":{"transform":["translate3d(218.74994%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-095bbf48-e256-464d-b8dd-d73e105cf60e","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] To deal with the challenging market conditions, miners have begun depleting their stock of coins. Since July, the balance kept in miner wallets has decreased Credit: Google.com

[{"selector":"#anim-fab0e18c-56e9-4a09-af6b-3a5b6fc1905f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-7.547169553718628%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-285ab9f6-3848-4526-8475-f66fdfb3e7b7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d5535cc0-3e57-47fc-b385-b91c276cfd2a","keyframes":{"transform":["translate3d(-118.03278%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a9524319-b6f7-49ab-bf62-57b355b890b5","keyframes":{"transform":["translate3d(218.74994%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-5e119473-4aa7-48ca-b2ef-47c421a265df","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] by more over 25,000 BTC ($444 million), according to data maintained by blockchain analytics company Glassnode. Credit: Google.com

[{"selector":"#anim-f89dcf36-5abe-4160-85d6-eaa8811a1d00 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-21.874999829338588%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-37e900cb-85ca-4865-b411-1598ad6a4cc7","keyframes":{"opacity":[0,1]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-caf7171f-27e2-4532-900d-5d6000f79843","keyframes":{"transform":["translate3d(-118.03278%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":600,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3bb269dc-b275-4a46-8810-c6c620ee6fa3","keyframes":{"transform":["translate3d(218.74994%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-30621107-0464-417c-aa07-53254e896e8d","keyframes":{"transform":["rotateZ(180deg)","rotateZ(0deg)"]},"delay":0,"duration":1000,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] 1.818 million BTC, a 14-month low, was reached. Given that the majority of mining companies are losing money, the tendency might continue. Credit: Google.com