055: BITCOIN PRICE TO PLUNGE TO $6,400?! | Bearish BTC Halving in 2020?!

Here’s why the Bitcoin price may be about to return to $6,000, maybe lower. It seems that the “Crypto Winter” of 2018 has come back to haunt Bitcoin bulls in 2019. Cole Garner, a popular cryptocurrency analyst, recently noted that miners are on the verge of capitulating, which is what happened in mid-November, just before the BTC price began to tumble from $6,000 to $3,000.

Miner capitulating, for those unaware, is when “small miners get backed into a corner when BTC price is low & the generation of mining hardware they use becomes obsolete.” The important part of this is that the capitulation of miners induces the sale of mined Bitcoin en-masse, pushing prices lower in a vicious cycle: “Undercapitalized miners panic sell, price dumps, longs get squeezed, stop losses cascade.”

A bearish BTC halving? There are still six months to go before the Bitcoin halving but this could be the first one that has a bearish run up. Industry analyst Willy Woo has looked at the longer time frame charts and noticed that historical BTC halvings have always been bullish leading up to the event.

“NEVER gone into a halvening in BEARISH price action, miners already capitulating adding sell volume. Historically we front run with a BULLISH setup, miner capitulating only after halvening when revenues are slashed. This is a unique setup. Quite bearish leading up to the event.” Willy Woo added, “I expect way more volatility. Short term bearish is all I’m saying. And don’t expect price will repeat past halvenings.”