Crypto expert Willy Woo believes Bitcoin will rebound when:
Weak Miners Exit the Market
- Miners with outdated equipment and high costs will go bankrupt.
- Others will be forced to upgrade to more efficient hardware.
- This happens after Bitcoin halvings, where miners’ income is cut in half.
- Miners sell their Bitcoin to cover losses or upgrade costs, contributing to the downtrend.
Hash Rate Recovers
- Bitcoin’s hash rate has taken longer to recover in this cycle compared to previous ones.
- This may be due to ordinal inscriptions boosting miners’ profits.
- As weak miners exit and the hash rate recovers, Bitcoin’s price is expected to rise.
Re-Accumulation and Parabolic Uptrend
- Crypto analyst Rekt Capital predicts Bitcoin is still in its re-accumulation phase.
- Once this phase is complete, Bitcoin will enter a “parabolic uptrend” phase.
- This phase could begin in September, with a potential market top in September or October 2023.
Advice for Investors
- Rekt Capital advises investors not to panic and sell.
- Bitcoin may experience significant retracements, but it’s likely to resume its uptrend.
