Bitcoin (BTC) Price Predictions See a Massive $200,000 Price Target as Miner Capitulation Draws to a Close

As Miner Capitulation in the crypto market draws to a close, one crypto analyst maintains an optimistic future outlook on the price of Bitcoin (BTC)

As the crypto market experiences a downturn, with Bitcoin (BTC) prices fluctuating and mining operations facing challenges, various market analysts and crypto enthusiasts have been keeping a close eye on the unfolding events. Cryptonary, a crypto news and analysis platform, recently highlighted the concept of “Miner Capitulation” and its relation to BTC price movements.

According to Cryptonary, BTC tends to hit its bottom when miners capitulate due to high mining costs and low revenue. This phenomenon has been observed at bear market lows, after each Bitcoin halving, and during major market events such as the FTX collapse, COVID-19, and crypto bans in China.

Cryptonary highlights BTC's Miner Capitulation at bear market lows.

Cryptonary also highlighted that the conclusion of Miner Capitulation periods following the cyclic Bitcoin halving events has led to substantial price surges in BTC over the following months and years. For instance, after the 2012 halving and subsequent Miner Capitulation phase, BTC saw its price increase by a massive 5,110.6%. In 2016, another Bitcoin halving year, BTC prices surged as high as 3,346.5% following its Miner Capitulation period. Finally, the 2020 BTC halving cycle saw the cryptocurrency increase by 591.75% to new highs.

The Hash Ribbon metric, highlighted by Cryptonary, correlates with Bitcoin’s previous declines to new lows during Miner Capitulation periods in May and June. At the time, several crypto analysts suggested that BTC may have hit its price bottom, driven by massive sell-offs executed by BTC miners. Cryptonary went on to identify several Miner Capitulation periods and their characteristics, outlining past bull cycles where BTC prices experienced an explosive surge after each Miner Capitulation period and Bitcoin halving event.

Cryptonary, assuming that the current Miner Capitulation is set to end soon, went on to state that an exponential decay model suggests that BTC prices, currently at $64,700, could be reaching a potential peak of $223,000 in this cycle. This prediction is made based on the consistent pattern of price surges following periods of Miner Capitulation and halving events.

In another X post, crypto analyst Michael van de Poppe shared his thoughts on Bitcoin, suggesting that the cryptocurrency might be gearing up for a new rally towards $110,000. According to Poppe, at the bottom, Bitcoin miners are still capitulating, and true hash rate drawdown has reached new lows, hitting levels as low as during the FTX collapse in 2022.

Heavy drawdown in hash rates usually marks a cycle low. Poppe went on to state that the worst period of the current cycle may have passed, suggesting that an exciting time lies ahead. Historically, such lows often precede price recoveries, and since the news about Mt Gox’s repayment plans, Poppe revealed that BTC prices have increased by about 20%.

Based on this positive market response, Poppe predicts that Bitcoin’s next leg up could be $110,000 from its current price of $64,479. This prediction is set to expire if BTC prices drop below $60,000 or if hash rates begin to recover without any price movement in BTC.

suggesting that an exciting time lies ahead. Historically, such lows often precede price recoveries

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