Bitcoin could head towards $220,000 after reclaiming key support levels during the current market recovery. This price target is based on past Bitcoin miner capitulation patterns observed by several cryptocurrency traders.
Cryptonary, an anonymous cryptocurrency analyst, wrote in a July 17 post on X that “after the Bitcoin halving, miner capitulation period has ended,” historically, BTC prices have seen significant increases “in the months and years since.” At the time, Bitcoin (BTC) was just under $65,000.
Analysts have shared a hash ribbon chart that shows the miner capitulation periods and their characteristics. According to the chart, the BTC price has increased significantly after the miner capitulation in previous Bitcoin halving cycles. During the 2012, 2016, and 2020 cycles, the price has increased by 5,110%, 3,346%, and 591% after miner capitulation, respectively.
“Assuming the current miner capitulation period is about to end, and using today’s price of $64,700, the exponential decay model suggests a potential price peak for this cycle of $223,000 based on historical post-halving periods.”
According to data from Cointelegraph Markets Pro and TradingView, the Bitcoin price is trading at $64,304 at the time of publication.
Michael van de Poppe, founder of MN Capital, said that if Bitcoin can rally above $65,000 and maintain that level, driven by “continued institutional inflows,” it could climb to $100,000.
Meanwhile, independent analyst Cryptocon said Bitcoin’s price action “continues to revert to a second cycle.” The analyst shared the following chart, which shows Bitcoin’s price retesting resistance levels multiple times at its 2021 highs, just as it did in 2017.
Related: Mt. Gox distributes over 36% of Bitcoin to creditors, but whales continue to accumulate
After that, Bitcoin is likely to turn its previous high into support before the “most significant cyclical price action” occurs, they explained.
That is, if the Bitcoin price rises from its current price and recovers to its 2021 all-time high of around $69,000, it is likely to enter a parabolic uptrend of price exploration.
“I don’t know about you, but I don’t want to miss any price action between here and the upper zone of the MVRV-Z cycle!”
Anonymous cryptocurrency trader Nebraskangooner believes the sharp rise in the Goon X indicator is a “good sign for a strong trend continuation and a new ATH” for Bitcoin.
This article does not contain any investment advice or recommendations. All investment and trading moves involve risk, and readers should conduct their own research when making decisions.