Charles Edwards believes that about once a year there is a so-called capitulation of miners – when they stop work en masse. The last one was in 2023, when the rate of the first cryptocurrency was trading around the $20,000 mark.
From a technical analysis point of view, BTC is currently in a consolidation stage. And in the event of a new impulse, Bitcoin will be able to reach $100,000, the businessman believes.
The capitulation of mining companies is due to bankruptcies and Bitcoin halving. Reducing the block reward causes legacy hardware to be taken offline, causing hashrate to drop, explains Charles Edwards:
“The miners capitulated, which is what we are seeing now. Historically, such periods have overwhelmingly synchronized with broader market weakness, volatility, and significant upside opportunities for Bitcoin’s price.”
The founder of Capriole Investment believes that macroeconomic factors speak in favor of the growth in the value of the first cryptocurrency. But there is a possibility that the wait for a rise in the price of Bitcoin may take longer.
Previously, Factor CEO, trader and analyst Peter Brandt said that if the price of Bitcoin follows the trajectory of past bullish cycles after the halving, it will reach $130,000-$150,000 at the end of August 2025.
Source: Bits
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