As a crypto investor with some experience in the market, I find Willy Woo and Rekt Capital’s insights on Bitcoin’s recovery quite intriguing. The persistent downtrend in BTC‘s price following its all-time high has been concerning for many investors, myself included.
Crypto expert Willy Woo recently outlined the conditions necessary for Bitcoin‘s continued bullish trend. After a prolonged period of decline, Bitcoin has struggled to make substantial gains since reaching its record peak of $73,750 in March 2021.
What Needs To Happen For Bitcoin To Recover
As a researcher studying the cryptocurrency market, I came across an intriguing perspective from Willy Woo regarding Bitcoin’s potential recovery. In a recent post on X (formerly Twitter), he proposed that the market will rebound once “weak miners succumb and hash rate recovers.” To clarify, when Willy refers to “weak miners,” he means those operating with inefficient hardware and high operational costs who ultimately face bankruptcy. The more efficient miners are then compelled to upgrade their hardware to remain competitive in the market.
Miners typically experience this situation: Their earnings from Bitcoin mining were reduced by half post-halving, yet their expenses remained unchanged. Willy Woo points out that this predicament compels miners to sell off their Bitcoins to cover their losses or invest in new hardware. He posits that the mass selling of Bitcoins by struggling miners could be the primary reason behind the prolonged slump in Bitcoin’s price.
Bitcoin is predicted to experience a significant price surge once miners have sold off their holdings, according to crypto analysis. The analyst remarked that this most recent miner sell-off is exceptional given the extended period since the halving event. He attributed this prolonged selling likely to the profitable impact of the new ordinal inscriptions on mining operations.
During the current market cycle, Bitcoin’s hash rate recovery has been significantly longer than in previous cycles. Specifically, Willy Woo pointed out that it took just 24 and 8 days for Bitcoin’s hash rate to bounce back in the 2017 and 2020 market cycles. In contrast, this time around, more than 61 days have passed, and Bitcoin’s hash rate has yet to fully recover.
BTC Will Recover In Due Time
Crypto expert Rekt Capital remains confident that Bitcoin’s price recovery is imminent. He recently pointed out that Bitcoin’s current price range is typical following a halving event, citing historical market trends. The analyst also emphasized that we are still in the phase of Bitcoin’s halving cycle where investors buy back or accumulate more coins.
After completing this stage, Bitcoin is expected to enter a “dramatic upward trend” phase, marking the beginning of its journey towards reaching the peak price for this particular market cycle. According to Rekt Capital’s analysis, this phase might commence around September this year. However, based on historical market trends, Bitcoin’s market top could potentially occur somewhere between September and October of next year.
Rekt Capital cautions Bitcoin investors against panicking and selling during potential market downturns. According to him, Bitcoin may experience significant price drops that could temporarily convince investors of a bearish trend, but ultimately, it will continue its upward trajectory.
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2024-06-23 06:11