Crypto researchers recently outlined how Bitcoin can continue its bull run. The flagship coin has been on a downward trend since reaching an all-time high of $73,750 in March this year.
He said that Bitcoin will recover when "weak miners exit and hash rate recovers." He said that as BTC gets rid of its weak situation, "inefficient miners who run old hardware with high costs will go bankrupt." Some people have to switch to more efficient hardware.
Generally speaking, miners' income will be halved after Bitcoin halving. Even so, the fees they need to pay after halving are the same. Willy Woo believes that this has caused miners to sell BTC to make up for losses or upgrade hardware. He attributed the decline in BTC prices to the frustration of these miners.
If these miners liquidate their Bitcoin holdings, Bitcoin is expected to rebound sharply. The crypto expert pointed out that the compromise of miners this time is unprecedented because it took a long time after the halving. He suspects that the ordinal inscription increased the income of these miners.
Willy Wu also mentioned that Bitcoin’s hash rate has been slow to recover in this cycle. He said that in 2017 and 2020, BTC’s hash rate recovered in 24 days and 8 days, respectively. However, this time, Bitcoin’s hash rate has not recovered for 61 days.
Rekt Capital is convinced that Bitcoin will rebound soon. He previously said that it is normal for Bitcoin to consolidate in this range, as the market has seen similar post-halving ranges in the past. The expert also said that BTC is currently reaccumulating after the Bitcoin halving.
BTC will enter the "parabolic uptrend" phase after this stage, which will push it to the market peak of this cycle. Rekt Capital predicts that the parabolic rise will start in September. According to past market cycles, BTC’s market peak may occur in September or October next year.
Rekt Capital said that Bitcoin investors should not panic. He said that Bitcoin may fall to a level that makes everyone think that the bull market is over, and then continue to rise.
