Crypto

Major Bitcoin Capitulation Is About to Begin; BTC Price Could Reach $11,000 in December 2022!

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Bitcoin fractals have largely remained unchanged as prices have remained within the same ranges. Despite the fact that the hash rate has been increasing and reaching new highs, the price has not changed. As a result, the next few weeks appear to be crucial in determining the future path of the BTC price and, by extension, the rest of the crypto market.

Meanwhile, BTC prices have yet to show a significant bounce, so the weekly and monthly charts remain bearish. Specifically, the price faced a steep rejection from the critical resistance, which may now severely limit the strength of the rally. 

On the other hand, the Bitcoin mining difficulty, also known as the Hash rate, is reaching new highs every day.

The compressed trend does not appear to have affected miners, as they continue to accumulate BTC by not releasing it to exchanges. The main reason could be the BTC price, which has remained relatively unchanged for nearly two months. As a result, a large number of miners may turn off their machines over time, resulting in a major capitulation phase

One such major capitulation is expected to be fast approaching, which may drag the BTC price heavily, as low as $11,000. 

Source: Twitter 

Just before the previous bull run began, the MACD flashed a major buy signal, causing the price to rise toward its ATH. Given the past trend, it appears that the asset has yet to reach a bottom, as selling pressure continues to accumulate in the monthly time frame. As a result, the BTC price appears to have reached a bottom in the coming months. 

As a result, a bearish close for the Bitcoin price in 2022 is likely, with the price falling as low as $14,000 to $11,000 by December to Quarter 1 of 2023. However, the possibility of a bottom forming before the MACD cross appears. 

In such cases, the price of Bitcoin may fall significantly near $11,000 and remain stagnant for some time until the MACD crosses, which may trigger a major upswing toward $28,000 in the next 6 months.

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