- Bitcoin may reach $220,000 as a result of the cryptocurrency’s strong advance above $65,000 and miners’ return to significant profitability.
After regaining important support levels during the recent market recovery, Bitcoin may be headed to $220,000. This price target is determined by looking at past patterns of Bitcoin miner capitulation that several cryptocurrency traders have noticed.
In a July 17 X post, pseudonymous crypto analyst Cryptonary noted that past price gains for Bitcoin have occurred prior to the end of Miner Capitulation periods after Bitcoin Halvings. At the time, BTC was ticking down at $64,697 and hovering just below $65,000.
A hash ribbons chart displaying the features of miner capitulation times was shared by the analysts. The graph showed that, in the past Bitcoin halving cycles, there have been significant spikes in the price of BTC following the end of miner capitulation: 5,110%, 3,346%, and 591% increases in the cycles of 2012, 2016, and 2020, respectively.
According to Michael van de Poppe, the founder of MN Capital, Bitcoin has the potential to reach $100,000 if it rises to and remains over $65,000 with steady institutional support.
Meanwhile, independent expert Cryptocon claimed that there is a consistent indication of a second cycle in the movement of the price of Bitcoin.The expert provided the following graphic, which illustrates how the price of Bitcoin repeatedly tests the resistance from the all-time high in 2021—just as it did in 2017.
According to their explanation, Bitcoin is expected to turn the previous all-time high into support prior to the most significant cycle price movement.
This indicates that Bitcoin is expected to undergo a parabolic rally into price discovery if it rises over its current level and reclaims the all-time high of roughly $69,000 in 2021.
A pseudonymous cryptocurrency trader named Nebraskangooner thinks that the Goon X indicator’s fast increase is a positive sign for the continuation of the strong trend and new highs for Bitcoin.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
