Bitcoin’s decisive move above $65,000 and miners' return to deep profitability could lead to BTC hitting $220,000.
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.
