How The miners surrender The cryptocurrency market is slowly coming to an end, cryptocurrency analyst maintains an sanguine view of the future Bitcoin (BTC) pricethe world’s largest cryptocurrency. The analyst has pegged a whopping $200,000 price tag for BTC, marking a recent all-time high for the pioneering cryptocurrency.
Bitcoin Price Expects to Reach $200,000
WX (formerly Twitter) fasting On July 17, a cryptocurrency analyst nicknamed “Cryptonary” predicted that Bitcoin price is poised to reach $223,000 in the near future. The analyst’s sanguine forecast is based on BTC historical trends and the capitulation of miners after each halving cycle.
Sharing a price chart BTC Hash RibbonCryptonary highlighted the capitulation of BTC miners during bear market conditions, after each Bitcoin halving and black swan events such as The Fall of FTX, COVID-19 and the cryptocurrency ban in China.
According to Cryptonary, historically, the end of miner surrender periods after cyclical bitcoin halving events led to significant price increases for Bitcoin in the following months and years. The analyst also noted that the Hash Ribbon indicator, a prominent market indicator, suggests that BTC is tending to hit the bottom when miners capitulate due to high mining costs and low revenues.
The miners surrender here it means that miners will turn off their hardware and stop mining Bitcoins to start selling their coin reservesThis happens when mining operations become unprofitable or the BTC price drops below a certain level.
The Hash Ribbon metric highlighted by Cryptonary correlates with Previous Bitcoin Downturns to recent lows during the miner capitulation periods of May and June. During this time, various cryptocurrency analysts suggested that BTC can reach the lowest price levelcaused by a mass sell-off of cryptocurrency by BTC miners.
By identifying the different periods of miner surrender and their characteristics, Cryptonary presented previous growth cycles where the price of Bitcoin has experienced explosive growth after each miner capitulation period and Bitcoin halving event. After the 2012 halving and the subsequent miner capitulation phase, the price of BTC increased by a whopping 5110.6%.
In 2016, the next year of the Bitcoin halving, BTC price rose to 3346.5% after a period of miner capitulation. Finally, the 2020 BTC halving cycle saw the cryptocurrency surge 591.75% to recent highs.
Based on historical trends after halving and assuming the current miner capitulation ends soon, Cryptonary has stated that exponential decay model suggests that BTC’s price of $64,700 could reach a potential high of $223,000 during this cycle.
Market Expert Predicts Bitcoin to Hit $110,000
In another Posts Xcryptocurrency analyst Michael van de Poppe predicted that Bitcoin could be preparing for a recent rally towards $110,000. The analyst revealed that at the bottom, Bitcoin miners are still capitulating, and the truth reducing the hash rate hit recent lows, signaling levels as severe as the 2022 FTX crash.
According to the cryptocurrency analyst, the gigantic reduction in hash rates marks a cycle low, suggesting that the worst period of the current cycle may have broken through. Historically, such lows often precede price recoveries, and as news of Mt Gox Repayment PlansPoppe revealed that the price of BTC increased by 20%. Based on this positive market reactionThe market expert predicts that the next stage of Bitcoin’s growth could be $110,000 from the price of $64,479 at the time of writing.
Featured image created with Dall.E, chart from Tradingview.com
