Willy Woo Anticipates Potential Bitcoin Rally from Miner Capitulation, with a Word of Caution
According to on-chain analyst Willy Woo, Bitcoin’s next rally hinges on miners capitulating. Woo advises his followers to monitor compressions in Bitcoin hash ribbons as a signal for optimal buying opportunities.
He acknowledges the current downturn but remains optimistic, highlighting that miner capitulation typically precedes significant price surges. Bitcoin hash ribbons, a metric used to gauge miner distress, are crucial in this context, as noted by on-chain analytics firm LookIntoBitcoin. Woo emphasizes the need for increased activity in the hash market for Bitcoin’s price to rebound.
Additionally, he underscores the importance of tracking paper bets on Bitcoin to gauge market sentiment accurately. As of now, Bitcoin is trading at $65,088, experiencing a 7% decline over the past week.
Clever Robot News Desk 21st June 2024
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