Bitcoin Price Will Go PARABOLIC When This Happens: Willy Woo Bitcoin Prediction

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The latest crypto sell-off was triggered by an unusual combination of factors: Mt. Gox Selling, German Government Selling, and United States Government Selling. However, a persistent issue may have had an even greater impact: Miner Capitulation.

Each Bitcoin halving cuts miners' Bitcoin rewards in half. With miners spread across the globe, these operations are substantial businesses with significant costs for equipment, staffing, and electricity. When halving occurs, miners' income is halved. Most miners manage as the Bitcoin price typically increases enough to balance the reduced income. Yet, some miners struggle. The least efficient miners suddenly become unprofitable.

To cover their costs, they start selling their mined Bitcoin and any Bitcoin held in reserve. This influx of Bitcoin onto the open market results in downward price pressure. 🌊 This process, known as miner capitulation, often leads to turbulent or declining prices post-halving. Struggling miners sell off Bitcoin to stay afloat, hoping prices will eventually rise enough to restore profitability.

Currently, we are experiencing the longest period of miner capitulation ever recorded. Evidence for this includes the falling Bitcoin hash rate, indicating miners are shutting down operations. Willy Woo recently tweeted that we haven't hit the bottom yet:

Once this chart shows a turnaround, we'll know miner capitulation is ending, and Bitcoin's price will begin to rise again.

The good news? As of now, the Bitcoin hash rate has bounced back significantly, suggesting a possible turnaround. Is the worst behind us? It's still too soon to say for sure. We will monitor the situation closely and keep you updated. 👀 Rest assured, the least efficient miners can only hold out for so long. 🪦