As a seasoned crypto analyst with over a decade of experience observing Bitcoin’s market trends, I have witnessed numerous bull and bear cycles. The current Miner Capitulation in the crypto market has left many investors feeling disheartened, but I remain optimistic about Bitcoin’s future price outlook. Based on historical data and trends, I believe that BTC is set to hit a monumental $200,000 mark, surpassing its previous all-time high.
With Miner Capitulation in the crypto market gradually winding down, a cryptocurrency expert remains bullish about Bitcoin (BTC)’s future price trend. The analyst has forecasted a substantial price of $200,000 for Bitcoin, which would establish a new peak in its value history.
Bitcoin Price Set To Hit $200,000
On July 17th, in a post previously known as Twitter, a crypto expert called Cryptonary made a prediction. They anticipated that Bitcoin’s price would surge towards $223,000 in the upcoming period. This positive forecast was derived from Bitcoin’s previous trends and the occurrence of Miner Capitulation following each halving cycle.
As a seasoned crypto investor, I’d like to draw your attention to the intriguing price chart of Bitcoin’s Hash Ribbon that Cryptonary recently shared. This chart highlighted several instances of Bitcoin miner capitulation during bear market lows. These occurrences were noticeable after each Bitcoin halving and following significant black swan events, such as the FTX collapse, the COVID-19 pandemic, and the crypto restrictions in China.
Based on Cryptonary’s analysis, historically, Bitcoin’s price has significantly increased following Miner Capitulation periods that occur after the cyclic halving events. This trend is further supported by the Hash Ribbon metric, a widely used market indicator, which indicates that Bitcoin typically reaches its lowest point when miners surrender due to high mining expenses and meager returns.
As a Bitcoin market analyst, I would describe miner capitulation as a situation where miners choose to shut down their mining equipment and sell their accumulated coins due to the unprofitability of continuing their operations. This event usually transpires when the price of Bitcoin dips below a specific threshold.
During Miner Capitulation periods in May and June, the Hash Ribbon indicator highlighted by Cryptonary mirrored Bitcoin’s past plunges to fresh lows. Notably, several crypto experts proposed that Bitcoin might have reached its rock-bottom price following intense selling pressure instigated by Bitcoin miners.
Cryptonary noted that specific miner capitulation periods have marked past Bitcoin bull markets, following which the price of Bitcoin surged significantly after each miner capitulation phase and halving event. For instance, in the wake of the 2012 halving and subsequent miner capitulation period, Bitcoin’s value skyrocketed by a staggering 5,110.6%.
In the year 2016, which marked another Bitcoin halving event, the price of Bitcoin experienced a significant surge, reaching as high as 3,346.5%, following a Miner Capitulation phase. More recently, in the 2020 Bitcoin halving cycle, the cryptocurrency underwent a remarkable increase of 591.75% and reached new record highs.
Based on past trends following Bitcoin’s halvings and the expectation that the current miner capitulation will soon end, Cryptonary predicts an exponential decay model indicating a possible peak price for Bitcoin at around $223,000 when it is currently priced at $64,700 in this particular cycle.
Market Expert Sees Bitcoin Reaching $110,000
In a previous post on Crypto, analyst Michael van de Poppe expressed his belief that Bitcoin could be gearing up for another significant surge towards $110,000. He shared that at its lowest point, Bitcoin miners are still experiencing heavy losses, and the true hash rate has plummeted to unprecedented lows. These developments echo the severity seen during the FTX collapse in 2022.
Crypto analysts believe that the recent significant drop in hash rates signals a cycle low, implying that the current market downturn might have reached its bottom. Historically, such low hash rates have preceded price rebounds. For instance, since the announcement about Mt Gox’s repayment plans, Bitcoin’s price has surged by 20%. Given this positive market reaction, it is anticipated that Bitcoin could experience a new price surge of up to $110,000 from its current value of $64,479.
Read More
- BTC PREDICTION. BTC cryptocurrency
- LUNC PREDICTION. LUNC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- USD COP PREDICTION
- Ethereum (ETH) Crashes Dramatically, What’s Next? Solana (SOL) Can Still Reach $200, XRP Struggling Before $0.63 Test
- BREAKING: Spot Ethereum ETFs Get SEC Nod, Debut Set For Tomorrow
- DOGE PREDICTION. DOGE cryptocurrency
- WazirX Moves To Recover $150 Million In Shiba Inu, Ethereum And Others With Bounty Program
- Cardano Enters Chang Hard Fork Era With Node 9.1.0 Upgrade
- Profit from the Dip: Hong Kong To Debut Asia’s First Inverse Bitcoin ETF — Here’s When
2024-07-19 02:11