Bitcoin could be headed to $220,000 after reclaiming key support levels during the current market recovery. This price target is based on historical Bitcoin miner capitulation patterns as observed by multiple crypto traders.
“The end of Miner Capitulation periods following Bitcoin Halvings” has historically preceded significant increases in BTC price “in the subsequent months and year,” pseudonymous crypto analyst Cryptonary wrote in a July 17 X post, when Bitcoin (BTC) was hovering just below $65,000.
The analysts shared a hash ribbons chart showing miner capitulation periods and their characteristics. The chart revealed that the end of miner capitulation in previous Bitcoin halving cycles has been followed by massive increases in BTC price: 5,110%, 3,346% and 591% increases post-miner capitulation during the 2012, 2016 and 2020 cycles, respectively.
“Assuming the current Miner Capitulation period ends soon, and using today's price of $64,700, an exponential decay model suggests a potential price peak of $223,000 for this cycle based on historical post-Halving periods.”
Data from Cointelegraph Markets Pro and TradingView shows Bitcoin price trading at $64,304 at the time of publication.
Michael van de Poppe, founder of MN Capital, says that if Bitcoin moves to and holds above $65,000, backed by “consistent institutional inflow,” it could climb to $100,000.
Meanwhile, independent analyst Cryptocon told said that Bitcoin’s price action “keeps pointing back” to a second cycle. The analyst shared the following chart showing Bitcoin’s price multiple retests of the resistance from the 2021 all-time high, just as it happened in 2017.
After that, Bitcoin will likely flip the previous all-time high into support before the “most important cycle price action,” they explained.
This means that if Bitcoin price moves higher from the current price to reclaim the 2021 all-time high of around $69,000, it is likely to enter a parabolic uptrend into price discovery.
“I don’t know about you, but I’d hate to miss out on all the price action between here and the MVRV-Z cycle top zone!”
Pseudonymous crypto trader Nebraskangooner believes the sharp rise in the Goon X indicator is a “good sign for strong trend continuation and new ATHs” for Bitcoin.