Bitcoin could move towards the $100,000 target if it stays above $65,000. With the market's recovery trend, BTC may catch a strong headwind and move towards $220,000. This price target is based on the cyclical Bitcoin pattern followed by many crypto analysts.
“The end of miner capitulation periods after Bitcoin halvings have generally resulted in massive rallies,” crypto analyst Cryptonary wrote in an X post dated July 17, when Bitcoin was trading just under $65,000. Analysts shared a hash ribbons chart showing miner capitulation periods and features. This chart reveals that in previous Bitcoin halving cycles, large increases in BTC price were observed after miner capitulation ended. After the end of miner capitulation in the cycles of 2012, 2016 and 2020, there were increases of 5,110%, 3,346% and 591%, respectively.
Michael van de Poppe stated that Bitcoin could reach $65,000 with institutional purchases, and if it stays above this level, it could rise up to $100,000.
Analyst Cryptocon said that Bitcoin points to a second rally. Cryptocon shared a chart showing that Bitcoin has tested resistance from the all-time high in 2021 multiple times, just like it did in 2017.
With many long-term metrics moving in a positive direction, analysts' BTC price targets have increased. While analysts set a target of $100,000 at the beginning of the year, these targets have now been increased to $200,000. The last quarter of the year is especially awaited with great curiosity for the cryptocurrency market.
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I EXPLAIN IN DETAIL.
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