Crypto researcher recently outlined how Bitcoin may continue its bull run. The flagship coin has been declining since achieving its ATH of $73,750 in March earlier this year.
Bitcoin will revive when “weak miners die and hash rate recovers.” He said that "inefficient miners running old hardware and high costs go into bankruptcy" as BTC sheds weak hands. Some are obliged to switch to more efficient hardware.”
Miners' revenue normally halves after Bitcoin halving. Still, they pay the same expenses after halving. Willy Woo said this drive miners to sell BTC for losses or hardware upgrades. He blames these miners' acquiescence for BTC's price decline.
Bitcoin is predicted to rebound significantly if these miners liquidate their holdings. The crypto expert said the miners' surrender this time is record-breaking since it took so long after the halving. He suspected that ordinal inscriptions had increased these miners' income.
Willy Woo also noted that Bitcoin's hash rate recovery has been slower this cycle. He said BTC's hash rate recovered in 24 and 8 days in 2017 and 2020. This time, Bitcoin's hash rate hasn't recovered after 61 days.
Rekt Capital maintains that Bitcoin will rebound shortly. He previously said Bitcoin's consolidation inside this range is normal, since the market has seen similar post-halving ranges. The expert also said that BTC is now re-accumulating after the Bitcoin halving.
BTC will enter the ‘parabolic uptrend’ phase after this phase, which will drive it to its market peak for this cycle. Rekt Capital predicted a September start to the parabolic rise. According to past market cycles, BTC's market peak might occur in September or October next year.
Bitcoin investors should not be frightened, according to Rekt Capital. He said Bitcoin may decline far enough to persuade everyone the bull run was gone, then continue its upward.
