Matthew Sigel, director of digital asset research at VanEck, said in his 2023 outlook: “Bitcoin will test $10,000-12,000 in the first quarter amid a wave of miner bankruptcies, which will mark the low point of the crypto winter.” But Sigel expects Bitcoin to test $10,000-$12,000 in the first quarter. It will rebound to $30,000 in the second half of 2023, noting that lower inflation, easing energy concerns, a possible truce between Russia and Ukraine, and shifts in M2 supply will drive the start of a new bull market.