Bitcoin

When will Bitcoin finally recover from its recent crash?

Published

7 months ago

22 June, 2024

When will Bitcoin finally recover from its recent crash?

Bitcoin’s recovery may depend on the exit of inefficient miners and the stabilization of the hash rate.
Willy Woo links current market trends with Bitcoin’s potential post-halving recovery and summer market lulls.

Bitcoins [BTC] The trajectory in 2024 was marked by significant volatility. Despite reaching an all-time high of US$73,737 at the beginning of the year, Bitcoin’s value has retreated significantly, currently sitting at around US$64,625.

This drop, which is approximately 12.4% compared to its peak, has sparked discussions among market analysts about the potential for a recovery.

Will BTC Recover Soon?

Willy Woo, a renowned cryptocurrency analyst, took to social media, X, to to discuss the crucial factors that could signal the start of Bitcoin’s recovery.

At the heart of Woo’s analysis was the phenomenon of miner capitulation, which refers to the exit from the market of less efficient miners due to a lack of profitability.

According to Woo, Bitcoin’s price recovery could begin as soon as these weaker miners exit the market, allowing the hash rate – a measure of total computing power used in mining and processing – to stabilize and recover.

Notably, miner capitulation occurs when the Bitcoin halving – a pre-scheduled reduction in rewards given to Bitcoin miners – renders aging hardware or high-cost operations unviable, driving inefficient miners out of business.

As explained According to Woo, this process is painful but necessary for the long-term health of the market, as it eliminates inefficiencies and consolidates mining operations to more capable participants.

These dynamics are critical, as they reduce the pressure of constant sales on the part of miners who need to cover operational costs, potentially paving the way for price stabilization and subsequent increases.

Source: Willy Woo on X

Historically, post-halving periods have been followed by significant price increases following initial volatility. Woo draws parallels to previous cycles in 2017 and 2020, noting that current market conditions reflect these earlier phases, but with a delayed recovery.

In particular, Woo explained that the recovery timeline can vary, as seen in previous cycles.

For example, the 2017 recovery lasted 24 days during the slow summer months, a stark contrast to the 2020 recovery, which lasted just 8 days amid the market chaos triggered by the COVID-19 pandemic.

Now, it has been more than two months (61 days) since the last halving, and the market is still waiting for the capitulation phase to complete, which Woo suggests could align with traditional slow financial periods like the summer months. , when many investors are less active.

Source: Willy Woo on X

Is Bitcoin ready?

To better understand Bitcoin’s recovery potential, AMBCrypto analyzed specific metrics such as the Miner Position Index (MPI) and the Exchange Stablecoins Ratio USD.

IPM is currently at -0.97, indicating a possible decrease in selling pressure from miners, which could be bullish for Bitcoin prices.

Source: CryptoQuant

Meanwhile, the Exchange Stablecoins Ratio USD, now at 8.48, has slightly decreased by 0.97% in the last day.

This ratio assesses the potential purchasing power on stock exchanges, with lower values generally indicating stronger potential purchasing pressure, which could drive price increases.

Source: CryptoQuant

To read Bitcoins [BTC] Price prediction 2024-25

Despite these technical indicators, the real-world impact on traders, especially those in short positions, continues to be significant.

With almost $1.84 million at risk of liquidation If Bitcoin surpasses the US$70,000 mark again, the stakes are high.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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