- Willy Woo forecasts major Bitcoin rally post-miner capitulation.
- Monitor Bitcoin hash ribbons for buying signals, advises Woo.
- Bitcoin trading at $65,088, down nearly 7% this past week.
Bitcoin could be poised for a major rally, but not before further market decline, according to on-chain analyst Willy Woo. In a recent social media post, Woo outlined his prediction, highlighting the importance of monitoring key indicators like Bitcoin hash ribbons for signs of a potential market turnaround.
I'll break it down in simple terms.When does #Bitcoin recover? It's when weak miners die and hash rate recovers.
This one is for the record books as it's taking a lot of time for miner capitulation post-halving.
Probably can thank ordinal inscriptions boosting profits. pic.twitter.com/19MB0b8mHO
— Willy Woo (@woonomic) June 20, 2024
Woo explained that the current market stagnation is necessary to remove weaker elements from the system. “I know it sucks, but BTC is not going to break all-time highs until more pain and boredom plays out,” he said. However, he reassured investors that once miners have capitulated, a rally typically follows.
Source: Willy Woo
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