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.”
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 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.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
FAQs
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.
Will Bitcoin price ever recover? ›
Unfortunately, there's no simple answer. The cryptocurrency market has shown resilience in the past and the potential for recovery, but predicting the future with complete accuracy is impossible. The cryptocurrency market is highly volatile due to a combination of factors.
Is Bitcoin going to go back up again? ›
While the trend in the first few months remained largely bullish, the bearish interference squashed the bullish possibility. Regardless of this, the Bitcoin price is believed to revamp a strong ascenidng trend in Q4 and rise again in 2024.
How long will it take Bitcoin to recover? ›
That said, Bitcoin didn't actually take that long to recover from its post-FTX crash — by mid-January 2023, it had already returned to its pre-crash price. Since then, the cryptocurrency has experienced one of its most promising periods since its inception, including a new high in March 2024.
How much will 1 Bitcoin be worth in 2025? ›
Bitcoin (BTC) Price Prediction 2030
| Year | Price |
|---|
| 2025 | $ 63,501.28 |
| 2026 | $ 66,676.35 |
| 2027 | $ 70,010.17 |
| 2030 | $ 81,045.52 |
1 more rowBitcoin Price Prediction 2024 – 2025
The market is expected to see a low price of $30,225, with a potential move to the $51,438 level in 2024. In 2025, the low is expected to be $39,512, with a high of $62,723. The average price in 2024 is roughly $40,000.
What will Bitcoin be worth in 2030? ›
Fidelity Predicts: $1B per 1 BTC by 2038 — 2040
It claims the value of Bitcoin will grow steadily to about $1 million per full Bitcoin by 2030.
Could Bitcoin go to 0? ›
A reasonable assumption that Bitcoin could hypothetically reach the null state of it's value is worth the thought. Even-though such an event is very less likely to take place, there are some factors that could theoretically lead to Bitcoin price crashing to zero.
Is it safe to invest in Bitcoin today? ›
While BTC is volatile, it is safe to invest in provided you use a reliable exchange and wallet! Historically, investors who've held their Bitcoin for the long-term have been rewarded!
Will Bitcoin reach 100k? ›
There's a strong likelihood that the bull market will persist, possibly pushing Bitcoin's price to $100,000 by year-end. The market has seen an influx of new investors, both retail and institutional, who are using spot ETFs to enter the market conveniently.
Buy and hold for at least five years
Patience is a virtue, especially when you invest in crypto. It's extremely volatile, and it often goes through bear markets (a lengthy drop in prices). With crypto, these bear markets can last for years. Buying and holding is recommended with other types of investments, too.
Is it better to buy Ethereum or Bitcoin? ›
Buying either crypto requires a high risk tolerance. Looking at past performance, it's difficult to choose a winner between Bitcoin and Ether because their relative returns fluctuate depending on the time frame. In the past year, Bitcoin prices are up 157% compared to a 100% gain for Ether.
Is crypto worth investing in 2024? ›
High potential returns: Cryptocurrency has the potential to provide returns greater than what you could see from the stock market. For example, while the S&P 500 had a return of about 18% in the period ending August 8, 2024, Bitcoin had a return of about 101% for the same period.
Which coin will reach $1 in 2025? ›
By January 2025, 5SCAPE could potentially increase 1000x from its current value, driven by its expanding ecosystem and the growing VR market, making it a compelling investment. The token will soon witness a boost and could breach $1 mark post launch.
Where will Bitcoin price be in 10 years? ›
Bitcoin's Price History
Notably, Cathie Wood, CEO of Ark Invest, predicted that bitcoin could reach an astounding $1.48 million by 2030. Obviously, the world's oldest cryptocurrency has come a long way since its first recorded price of less than a cent.
Who owns the most Bitcoin? ›
So, who are the top holders of BTC? According to the Bitcoin research and analysis firm River Intelligence, Satoshi Nakamoto, the anonymous creator behind Bitcoin, is listed as the top BTC holder as of 2024. The company notes that Satoshi Nakamoto holds about 1.1m BTC tokens in about 22,000 different addresses.
Will Bitcoin ever get high again? ›
Thus, in this scenario, we can expect that Bitcoin will rally for 12 to 18 months after the halving, as it soars to a new all-time high. Given that the halving took place in April, this means that Bitcoin should reach a new all-time high by the end of 2025.
Does Bitcoin have a future? ›
While the future of Bitcoin is unknown, retail investors must be very cautious about every move of Bitcoin, as it has witnessed tumultuous before. Moreover, India's stance on cryptocurrencies continues to be firm, with the government bringing all crypto-related transactions under the ambit of the Money Laundering Act.
Is crypto ever going to recover? ›
Despite the short-term volatility, cryptocurrencies' fundamental value propositions remain strong. As the macroeconomic landscape stabilizes, we expect a recovery and sustained growth in the crypto market.”
Will crypto bounce back in 2024? ›
So far in 2024, Bitcoin (CRYPTO: BTC) is up a resounding 47%. So it might sound a bit strange to be talking about a Bitcoin bounce-back in the second half of the year.
