{"id":625848,"date":"2024-06-21T18:30:38","date_gmt":"2024-06-21T18:30:38","guid":{"rendered":"https:\/\/wncen.com\/?p=625848"},"modified":"2024-06-21T15:57:03","modified_gmt":"2024-06-21T15:57:03","slug":"survival-of-the-fittest-heres-how-bitcoins-next-rally-hangs-on-miner-capitulation","status":"publish","type":"post","link":"https:\/\/wncen.com\/bitcoin-news\/survival-of-the-fittest-heres-how-bitcoins-next-rally-hangs-on-miner-capitulation\/","title":{"rendered":"Survival of the Fittest: Here\u2019s How Bitcoin’s Next Rally Hangs on Miner Capitulation"},"content":{"rendered":"

Amidst a backdrop of declining Bitcoin prices and economic uncertainty, renowned crypto analyst Willy Woo has offered<\/a> a forecast that suggests a complex road ahead for BTC, with potential gains<\/a> on the horizon after some ‘inevitable’ turbulence.<\/p>\n

Bitcoin Rally Hangs On Miner Capitulation, How?<\/h2>\n

Bitcoin’s current market behavior is largely influenced by its miners, whose actions can significantly impact its price. According to Willy Woo, the key to understanding when Bitcoin might start its recovery lies in observing miner capitulation and the subsequent recovery of the hash rate.<\/p>\n

Related Reading: Bitcoin And Solana Brace For Quiet Q3: What Crypto Traders Should Know<\/a><\/div>\n

Miner capitulation occurs when less efficient miners, unable to sustain profitability, are forced to sell their holdings and exit the market. This phase is critical as it typically decreases selling pressure<\/a>, allowing for market consolidation and setting the stage for potential price increases.<\/p>\n

Woo points out that this cycle is not a quick one. Historical data from previous Halving events, which reduce the reward for mining Bitcoin, show that recovery can take time.<\/p>\n

\n

I’ll break it down in simple terms.<\/p>\n

When does #Bitcoin<\/a> recover? It’s when weak miners die and hash rate recovers.<\/p>\n

This one is for the record books as it’s taking a lot of time for miner capitulation post-halving.<\/p>\n

Probably can thank ordinal inscriptions boosting profits. pic.twitter.com\/19MB0b8mHO<\/a><\/p>\n

\u2014 Willy Woo (@woonomic) June 20, 2024<\/a><\/p><\/blockquote>\n

The current cycle appears prolonged, with miners taking longer than usual to capitulate due to the profitability provided by new market mechanisms<\/a> like ordinal inscriptions. This extended adjustment period might be difficult for investors, but it is a necessary step toward achieving a healthier market.<\/p>\n

\"Bitcoin
BTC price is moving downwards on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Key Indicators to Watch: Hash Ribbons and Market Signals<\/h2>\n

Willy Woo emphasizes the importance of monitoring Bitcoin’s hash ribbons. This indicator provides insights into the economic viability of Bitcoin mining.<\/p>\n

Related Reading: Bitcoin Miners\u2019 Reserves Deplete Amidst High OTC Selling, What This Means<\/a><\/div>\n

A reduction in hash ribbons suggests that the cost of mining is becoming more aligned with the market price of Bitcoin, signaling that the worst of the sell-off may be over and a recovery could be forthcoming. In addition to hash ribbons, Woo advises investors to keep an eye on broader market signals<\/a>.<\/p>\n

\n

Here’s a view of just how much paper bets on #Bitcoin<\/a> there is right now.<\/p>\n

The solid yellow chart is a z-score oscillator looking at how significant it is locally.<\/p>\n

We need a solid amount of liquidations still before we get the all clear for further bullish activity. https:\/\/t.co\/tswxQwxlc1<\/a> pic.twitter.com\/TwGG5tf50z<\/a><\/p>\n

\u2014 Willy Woo (@woonomic) June 19, 2024<\/a><\/p><\/blockquote>\n

For instance, the current speculative environment in Bitcoin, marked by a high volume of theoretical trading, requires a series of liquidations to achieve market balance<\/a>. This clean-up phase, although painful, is essential for setting a solid foundation for the next bull run.<\/p>\n

The analyst noted<\/a>:<\/p>\n

I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out. On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally. Look for compressions in this ribbon. Buy and hodl in these regions.<\/p><\/blockquote>\n

Featured image from DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Amidst a backdrop of declining Bitcoin prices and economic uncertainty, renowned crypto analyst Willy Woo has offered a forecast that suggests a complex road ahead for BTC, with potential gains on the horizon after some ‘inevitable’ turbulence. Bitcoin Rally Hangs On Miner Capitulation, How? Bitcoin’s current market behavior is largely influenced by its miners, whose actions can significantly impact its price. According to Willy Woo, the key to understanding when Bitcoin might start its recovery lies in observing miner capitulation and the subsequent recovery of the hash rate. Related Reading: Bitcoin And Solana Brace For Quiet Q3: What Crypto Traders Should Know Miner capitulation occurs when less efficient miners, unable to sustain profitability, are forced to sell their holdings and exit the market. This phase is critical as it typically decreases selling pressure, allowing for market consolidation and setting the stage for potential price increases. Woo points out that this cycle is not a quick one. Historical data from previous Halving events, which reduce the reward for mining Bitcoin, show that recovery can take time. 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 \u2014 Willy Woo (@woonomic) June 20, 2024 The current cycle appears prolonged, with miners taking longer than usual to capitulate due to the profitability provided by new market mechanisms like ordinal inscriptions. This extended adjustment period might be difficult for investors, but it is a necessary step toward achieving a healthier market. Key Indicators to Watch: Hash Ribbons and Market Signals Willy Woo emphasizes the importance of monitoring Bitcoin’s hash ribbons. This indicator provides insights into the economic viability of Bitcoin mining. Related Reading: Bitcoin Miners\u2019 Reserves Deplete Amidst High OTC Selling, What This Means A reduction in hash ribbons suggests that the cost of mining is becoming more aligned with the market price of Bitcoin, signaling that the worst of the sell-off may be over and a recovery could be forthcoming. In addition to hash ribbons, Woo advises investors to keep an eye on broader market signals. Here’s a view of just how much paper bets on #Bitcoin there is right now. The solid yellow chart is a z-score oscillator looking at how significant it is locally. We need a solid amount of liquidations still before we get the all clear for further bullish activity. https:\/\/t.co\/tswxQwxlc1 pic.twitter.com\/TwGG5tf50z \u2014 Willy Woo (@woonomic) June 19, 2024 For instance, the current speculative environment in Bitcoin, marked by a high volume of theoretical trading, requires a series of liquidations to achieve market balance. This clean-up phase, although painful, is essential for setting a solid foundation for the next bull run. The analyst noted: I know it sucks, but BTC is not going to break all time highs until more pain and boredom plays out. On the bright side, miners are capitulating and when that is through, it nearly always ends in a huge rally. Look for compressions in this ribbon. Buy and hodl in these regions. Featured image from DALL-E, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":625859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,441,8856,629,639,678,1119,78790,6664,10923],"class_list":["post-625848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-analysis","tag-bitcoin-halving","tag-bitcoin-market","tag-bitcoin-miners","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-market"],"acf":[],"yoast_head":"\nSurvival of the Fittest: Here\u2019s How Bitcoin Next Rally Hangs on Miner Capitulation<\/title>\n<meta name=\"description\" content=\"Amidst a backdrop of declining Bitcoin prices and economic uncertainty, renowned crypto analyst Willy Woo has offered a forecast 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Survival of the Fittest: Here\u2019s How Bitcoin’s Next Rally Hangs on Miner Capitulation","url":"http:\/\/wncen.com\/bitcoin-news\/survival-of-the-fittest-heres-how-bitcoins-next-rally-hangs-on-miner-capitulation\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/bitcoin-news\/survival-of-the-fittest-heres-how-bitcoins-next-rally-hangs-on-miner-capitulation\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-21-16.15.10-A-dramatic-digital-artwork-depicting-a-stark-industrial-mining-setup-with-futuristic-bitcoin-mining-rigs-under-dim-moody-lighting.-The-atmosphere-is.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-21-16.15.10-A-dramatic-digital-artwork-depicting-a-stark-industrial-mining-setup-with-futuristic-bitcoin-mining-rigs-under-dim-moody-lighting.-The-atmosphere-is.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin analysis","bitcoin halving","bitcoin market","bitcoin miners","bitcoin prediction","btc","btcusdt","crypto","crypto market"],"dateCreated":"2024-06-21T18:30:38Z","datePublished":"2024-06-21T18:30:38Z","dateModified":"2024-06-21T18:30:38Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Survival of the Fittest: Here\\u2019s How Bitcoin’s Next Rally Hangs on Miner Capitulation\",\"url\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/survival-of-the-fittest-heres-how-bitcoins-next-rally-hangs-on-miner-capitulation\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/bitcoin-news\\\/survival-of-the-fittest-heres-how-bitcoins-next-rally-hangs-on-miner-capitulation\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-21-16.15.10-A-dramatic-digital-artwork-depicting-a-stark-industrial-mining-setup-with-futuristic-bitcoin-mining-rigs-under-dim-moody-lighting.-The-atmosphere-is.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/DALL\\u00b7E-2024-06-21-16.15.10-A-dramatic-digital-artwork-depicting-a-stark-industrial-mining-setup-with-futuristic-bitcoin-mining-rigs-under-dim-moody-lighting.-The-atmosphere-is.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin analysis\",\"bitcoin halving\",\"bitcoin market\",\"bitcoin miners\",\"bitcoin prediction\",\"btc\",\"btcusdt\",\"crypto\",\"crypto market\"],\"dateCreated\":\"2024-06-21T18:30:38Z\",\"datePublished\":\"2024-06-21T18:30:38Z\",\"dateModified\":\"2024-06-21T18:30:38Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/DALL\u00b7E-2024-06-21-16.15.10-A-dramatic-digital-artwork-depicting-a-stark-industrial-mining-setup-with-futuristic-bitcoin-mining-rigs-under-dim-moody-lighting.-The-atmosphere-is.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/625848"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=625848"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/625848\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/625859"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=625848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=625848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=625848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}