Crypto Expert Says The Bitcoin Price Will Recover Again Once These Things Happen | Bitcoinist.com



Crypto
analyst
Willy
Woo


recently
explained
what
needs
to
happen
for
Bitcoin
to
continue


its
bull
run
.
The
flagship
crypto
has
been
on
a
decline
for
a
while
now
and
has
failed
to
make
a
significant
run
since
hitting
its
current


all-time
high
(ATH)


of
$73,750
in
March
earlier
this
year. 

What
Needs
To
Happen
For
Bitcoin
To
Recover


Willy
Woo
mentioned
in
an
X
(formerly
Twitter)


post


that
Bitcoin
will
recover
when
the
weak
miners


die
and


hash
rate


recovers.”
He
further
explained
what
it
means
for
BTC
to
shed
weak
hands,
stating
that
“inefficient
miners
running
old
hardware
and
high
costs
go
into
bankruptcy.
While
others
are
forced
to
upgrade
hardware
that’s
more
efficient.”

How To Get Free Crypto  
Source:
X


This
usually
happens
because
miners’
income
got
halved
following
the


Bitcoin
halving
.
Meanwhile,
they
still
bear
the
same
costs
even
after
the
halving
event.
Willy
Woo
mentioned
that
these
force
miners
to
sell
their
BTC
to
pay
for
the
losses
incurred
or
hardware
upgrades.
He
believes
these


miners’
capitulation


is
what
has
caused
the
persistent
downtrend
in
BTC’S
price. 


As
such,
Bitcoin
is
expected
to
make
an
impressive
price
recovery
once
these
miners
are
done
liquidating
their
Bitcoin
holdings.
The
crypto
analyst
stated
that
the
miners’
capitulation
this
time
around
is
one
for
the
record
books,
considering
that
it
has
taken
a
lot
of
time
since
the
halving
took
place.
He
noted
that
this
was
probably
due
to
the


ordinal
inscriptions
,
which
have
boosted
the
profits
of
these
miners. 


Meanwhile,
Willy
Woo
also
highlighted
how
Bitcoin’s
hash
rate
recovery
has
taken
much
longer
in
this
cycle
compared
to
previous
cycles.
He
stated
that
BTC’S
hash
rate
took
only
24
and
8
days
to
recover
in
the
2017
and
2020
market
cycles.
However,
this
time
around,
it
is
over
61
days,
and
Bitcoin’s
hash
rate
has
yet
to
recover. 

BTC
Will
Recover
In
Due
Time


Crypto
analyst
Rekt
Capital


has
continued
to
affirm
that
Bitcoin’s
recovery
will
happen
soon.
He
recently


claimed


that
Bitcoin’s
consolidation
within
this
range
is
not
out
of
the
ordinary,
noting
that
the
market
has
witnessed
such
post-halving
ranges
in
the
past.
The
analyst
has
also
explained
that
BTC
is
still
in
its
re-accumulation
phase
of
the

Coinbase Banner  


Bitcoin
halving


for
now. 


Once
this
phase
is
done,
BTC
will
move
into
the
‘parabolic
uptrend’
phase
which
will
kickstart
BTC’s
run
to
its
market
top
for
this
cycle.
Rekt
Capital


recently
suggested


that
the
parabolic
uptrend
phase
could
begin
sometime
in
September.
Meanwhile,
he
stated
that
based
on
previous
market
cycles,


BTC’s
market
top


could
come
sometime
in
September
or
October
next
year. 


Rekt
Capital
has
also


advised


Bitcoin
investors
against
being
shaken
out
of
their
positions.
He
stated
that
Bitcoin
could
retrace
deep
enough
to
convince
anyone
that
the
bull
run
was
over,
and
then
it
would
resume
its
uptrend. 

BTC
price
recovers
from
lows
|
Source:

BTCUSD
on
Tradingview.com

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson


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