Crypto Expert Says Bitcoin Price Will Recover Again Once These Things Happen

Crypto analyst Willy Woo recently explained what needs to happen for Bitcoin to continue its bull run. The leading cryptocurrency has been in decline for some time and has not made any significant advances since reaching 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 “weak miners die and the hash rate recovers.” He further explained what it means for BTC to get out 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 miners’ income halved after the Bitcoin halving. However, they continue to bear the same costs even after the halving. Willy Woo mentioned that this forces miners to sell their BTC to pay for losses incurred or for hardware upgrades. He believes that the capitulation of these miners 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 cryptanalyst stated that the miners’ capitulation this time is one for the record books, considering that a long time has passed since the halving took place. He noted that this was probably due to ordinal inscriptions, which increased the profits of these miners.

Meanwhile, Willy Woo also highlighted how Bitcoin’s hash rate recovery took much longer this cycle compared to previous cycles. He stated that it only took 24 and 8 days for BTC’s hash rate to recover in the 2017 and 2020 market cycles. However, this time, more than 61 days have passed and Bitcoin’s hash rate has still not recovered .

BTC will recover in due time

Crypto analyst Rekt Capital went on to state that Bitcoin’s recovery will occur soon. He recently stated that Bitcoin consolidation within this range is not unusual, noting that the market has witnessed post-halving ranges in the past. The analyst also explained that BTC is still in the reaccumulation phase of Bitcoin halving for now.

Once this phase ends, BTC will move into the “parabolic uptrend” phase, which will fuel BTC’s race towards the top of the market this cycle. Rekt Capital recently suggested that the parabolic uptrend phase could begin in September. Meanwhile, he stated that based on previous market cycles, the BTC market top could occur in September or October of next year.

Rekt Capital also advised Bitcoin investors not to be kicked out of their positions. He claimed that Bitcoin could pull back enough to convince anyone that the bull run was over and then resume its uptrend.