As Miner Capitulation in the crypto market slowly comes to an end, a crypto analyst maintains an optimistic future outlook on the price of Bitcoin (BTC), the world’s largest cryptocurrency. The analyst has set a massive $200,000 price tag for BTC, marking a new all-time high for the pioneer cryptocurrency.
Bitcoin Price Set To Hit $200,000
In an X (formerly Twitter) post on July 17, a crypto analyst identified as ‘Cryptonary’ forecasted that Bitcoin’s price is poised to hit $223,000 in the near future. The analyst’s optimistic projection is based on BTC’s historical trends and Miner Capitulation after each halving cycle.
Sharing a price chart of BTC’s Hash Ribbon, Cryptonary highlighted BTC’s Miner Capitulation at bear market lows, after each Bitcoin halving and black swan events like FTX collapse, COVID-19, and crypto banning in China.
According to Cryptonary, historically, the conclusion of Miner Capitulation periods following the cyclic Bitcoin halvin
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