Bitcoin Price Set To Hit $200,000 as Miner Capitulation in the Crypto Market Slowly Comes to an End

A crypto analyst identified as ‘Cryptonary’ forecasted that Bitcoin’s price is poised to hit $223,000 in the near future.

A crypto analyst remains bullish on Bitcoin’s (BTC) future price prospects as the crypto market’s miner capitulation nears its conclusion. The analyst has predicted a massive price tag of $200,000 for BTC, setting a new all-time high for the pioneer cryptocurrency.

Bitcoin Price Poised to Hit $200,000

In an X (formerly Twitter) post on July 17, a crypto analyst under the handle ‘Cryptonary’ predicted that the price of Bitcoin is set to hit $223,000 in the near future. The analyst’s bullish prediction is based on BTC’s historical trends and miner capitulation after each halving cycle.

Sharing a price chart of BTC’s Hash Ribbon, Cryptonary highlighted BTC’s miner capitulation at bear market lows, following each Bitcoin halving and black swan events such as the FTX collapse, COVID-19, and the crypto ban in China.

According to Cryptonary, in the past, the conclusion of miner capitulation periods following the cyclic Bitcoin halving events has resulted in significant price surges in Bitcoin’s value in the subsequent months and years. The analyst also noted that the Hash Ribbon metric, a key market indicator, suggests that BTC tends to hit its bottom when miners capitulate due to high mining costs and low revenue.

Miner capitulation in this context refers to when miners shut down their hardware and stop mining Bitcoin in order to begin selling off their coin reserves. This occurs when mining operations become unprofitable, or BTC’s price falls below a certain level.

The Hash Ribbon metric highlighted by Cryptonary corresponds with Bitcoin’s previous declines to new lows during the miner capitulation periods in May and June. At the time, several crypto analysts suggested that BTC may have hit its price bottom, triggered by massive sell-offs executed by BTC miners.

Identifying the different miner capitulation periods and their characteristics, Cryptonary outlined past bull cycles where the price of Bitcoin experienced an explosive surge after each miner capitulation period and Bitcoin halving event. Following the 2012 halving and the subsequent miner capitulation phase, BTC saw its price increase by a staggering 5,110.6%.

In 2016, which was another Bitcoin halving year, the price of BTC surged as high as 3,346.5% after its miner capitulation period. Finally, the 2020 BTC halving cycle saw the cryptocurrency rise by 591.75% to new highs.

Based on the historical post-halving trends and the assumption that the current miner capitulation is set to end soon, Cryptonary stated that an exponential decay model suggests that BTC’s price, at $64,700, could reach a potential peak of $223,000 in this cycle.

Market Expert Sees Bitcoin Hitting $110,000

In a separate X post, crypto analyst Michael van de Poppe predicted that Bitcoin could be preparing for a new rally towards $110,000. The analyst revealed that at the bottom, Bitcoin miners are still capitulating, and the real hash rate drawdown has reached new lows, signaling levels as severe as during the FTX collapse in 2022.

According to the crypto analyst, the massive drawdown in hash rates signifies a cycle low, suggesting that the worst period of the current cycle may have passed. Historically, such lows often precede price recoveries, and since the news about Mt Gox’s repayment plans, Poppe revealed that BTC’s price has increased by 20%. Based on this positive market response, the market expert predicts that the next leg up for Bitcoin could be $110,000 from its price of $64,479 at the time of writing.

The above is the detailed content of Bitcoin Price Set To Hit $200,000 as Miner Capitulation in the Crypto Market Slowly Comes to an End. For more information, please follow other related articles on the PHP Chinese website!