Cryptoanalyst Willy Woo He recently explained what needs to happen for bitcoin to continue his confinement. The flagship cryptocurrency has been in decline for a while and has not made any significant progress since reaching its current level. all-time high (ATH) from $73,750 in March earlier this year.
What needs to happen for bitcoin to recover?
Willy Woo mentioned in an x (formerly twitter) x.com/woonomic/status/1803926249036710234″ rel=”nofollow” target=”_blank”>mail that bitcoin will recover when the “weak miners die and hash rate it recovers.” He further explained what it means for btc to get rid of weak hands, stating that “inefficient miners running old, high-cost hardware go bankrupt. While others are forced to upgrade hardware to make it more efficient.”
This usually happens because the miners' income was cut in half after the Halving bitcoin. Meanwhile, they continue to bear the same costs even after the halving. Willy Woo mentioned that these force miners to sell their btc to pay for losses incurred or hardware upgrades. He believes these capitulation of the miners This is what has caused the persistent downward trend in the price of btc.
As such, bitcoin is expected to achieve an impressive price recovery once these miners finish liquidating their bitcoin holdings. The crypto analyst stated that the miners' capitulation this time is for the record books, considering that it has taken a long time since the halving occurred. He noted that this was probably due to the ordinal inscriptionsthat 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 claimed that it took only 24 and 8 days for the btc hash rate to recover in the 2017 and 2020 market cycles. However, this time, more than 61 days have passed and the bitcoin hash rate has not yet recovered. recovered.
btc will recover in due time
crypto Analyst Rekt Capital has continued to claim that bitcoin's recovery will occur soon. the recently x.com/rektcapital/status/1804164411059319157″ rel=”nofollow” target=”_blank”>reclaimed That bitcoin consolidation within this range is not out of the ordinary, pointing out that the market has witnessed post-halving ranges in the past. The analyst has also explained that btc is still in its reaccumulation phase of the Halving bitcoin for now.
Once this phase is over, btc will move into the “parabolic uptrend” phase which will fuel btc's run towards its market top for this cycle. Capital Rekt x.com/rektcapital/status/1803377226882158595″ rel=”nofollow” target=”_blank”>recently suggested that the parabolic uptrend phase could begin sometime in September. Meanwhile, he stated that based on previous market cycles, The top of the btc market It could arrive sometime in September or October next year.
Rekt Capital also has bitcoin/dave-the-wave-bitcoin-300000/” rel=”nofollow noopener” target=”_blank”>advised bitcoin investors are opposed to being dumped from their positions. He claimed that bitcoin could pull back enough to convince anyone that the bull run was over and then resume its uptrend.
Featured image created with Dall.E, chart from Tradingview.com
