Investment manager VanEck’s head of Digital Assets Research Matthew Sigel predicts Bitcoin (BTC) will hit $10,000 to $12,000 in the first quarter, which will mark the bottom of the bear market.
Sigel added that prices will fall to these levels “amid a wave of miner bankruptcies.”
Energy crisis renders mining unprofitable
In the company statement, Sigel reported that the MVIS® Global Digital Assets Mining Index median market cap now rests at $180 million, “with nearly all constituents burning cash and trading well below book value.
“With Bitcoin mining largely unprofitable given recent higher electricity prices and lower Bitcoin prices, we predict that many miners with restructure or merge.”
We have already witnessed evidence of this in research carried out by CryptoSlate, revealing that BTC price has recently become cheaper than the all-in-sustaining cost of mining BTC.
Sigel also predicted that Ripple losing the SEC lawsuit “may coincide with this final downdraft, wh
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