VanEck: Bitcoin (BTC) to Hit $10-12K in Q1 of 2023

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1. Bitcoin (BTC)  to hit $10K to 12K in the year 2023.
2. In Q2, BTC will reach a new time high of $30K.
3. According to VanEck, Brazil will be among will emerge as one of the most crypto-friendly countries.

According to predictions made by VanEck, the Bitcoin Exchange Traded Fund (ETF) will reach between $10,000 and $12,000 in the first fiscal quarter (Q1) of the year 2023. This will be recorded as the lowest all-time low that BTC has ever recorded in its history. As per his forecast, there is a possibility that the price of bitcoin will reach a new all-time high of $30,000 during the second quarter of this year. 

Bitcoin and cryptocurrency, in general, have encountered a brutal year in 2022 where BTC has experienced extreme bear conditions leading to it recording lows of $15000 which were all-time lows of the year. According to a recent report by CryptoNewsLand Bitcoin has experienced 4-red quarters where it has traded in bearish sentiment.

VanEck further added that Brazil, the Latin American country, will emerge as one of the most friendly countries in the cryptocurrency ecosystem as it will record the highest number of web 3.0 gamers which will rise from 2M to 20M.

As per reports by the South American country’s tax authority, Receita Federal reported in the month of July that the number of digital currency users in the country had surpassed 1 million as the number of crypto users grew by 68% this occurred in the country for the first time.

At press time BTC is down by 0.04 percent and is trading at $16,723.18 with a market capitalization of $321,916,293,496 and a trading volume of $321,916,293,496 which has recorded an increase of 14.43%.

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