2024

Bitcoin

when

Coin

<ul class="news-points">
 <li>Willy Woo forecasts major Bitcoin rally post-miner capitulation.</li>
 <li>Monitor Bitcoin hash ribbons for buying signals, advises Woo.</li>
 <li>Bitcoin trading at $65,088, down nearly 7% this past week.</li>
</ul>
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.
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 I'll break it down in simple terms. When does <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Bitcoin</a> 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. <a href="https://t.co/19MB0b8mHO" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/19MB0b8mHO</a>— Willy Woo (@woonomic) <a href="https://twitter.com/woonomic/status/1803926249036710234?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">June 20, 2024</a>
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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.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXdpv1MnSPBJXNpNPR0tpyuIOIbvvzPgpWePx70A_2sIliWW4w1ikDu5r8I3wJLnlOq4CJoZIVSebQSnIgtwNyk-hR8JcRygcTd3NI1mpR4nJLg87xjlfRuX8hpVPzAU78FRo5HnrgXhLuH8UJnM6bYrJstp?key=tigHXmvkBMFCiqBbUK2Acw" alt="">
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<a href="https://x.com/woonomic/status/1803926249036710234" target="_blank" rel="noopener noreferrer nofollow">Source: Willy Woo</a>
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The post <a href="https://coinedition.com/willy-woos-bitcoin-forecast-pain-before-gain-hash-ribbons-hold-the-key/" rel="noopener noreferrer nofollow">Willy Woo’s Bitcoin Forecast: Pain Before Gain, Hash Ribbons Hold the Key</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

Willy Woo’s Bitcoin Forecast: Pain Before Gain, Hash Ribbons Hold the Key

Coin Edition

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