Bitcoin
Crypto Expert Says The Bitcoin Price Will Recover Again Once These Things Happen
Crypto analyst Willy Woo recently explained what needs to happen for Bitcoin to continue its bull run. The flagship crypto has been on a decline for a while now and has failed to make a significant run since hitting its current all-time high (ATH) of $73,750 in March earlier this year.
What Needs To Happen For Bitcoin To Recover
Willy Woo mentioned in an X (formerly Twitter) post that Bitcoin will recover when the “weak miners die and hash rate recovers.” He further explained what it means for BTC to shed weak hands, stating that “inefficient miners running old hardware and high costs go into bankruptcy. While others are forced to upgrade hardware that’s more efficient.”
This usually happens because miners’ income got halved following the Bitcoin halving. Meanwhile, they still bear the same costs even after the halving event. Willy Woo mentioned that these force miners to sell their BTC to pay for the losses incurred or hardware upgrades. He believes these miners’ capitulation is what has caused the persistent downtrend in BTC’S price.
As such, Bitcoin is expected to make an impressive price recovery once these miners are done liquidating their Bitcoin holdings. The crypto analyst stated that the miners’ capitulation this time around is one for the record books, considering that it has taken a lot of time since the halving took place. He noted that this was probably due to the ordinal inscriptions, which have boosted the profits of these miners.
Meanwhile, Willy Woo also highlighted how Bitcoin’s hash rate recovery has taken much longer in this cycle compared to previous cycles. He stated that BTC’S hash rate took only 24 and 8 days to recover in the 2017 and 2020 market cycles. However, this time around, it is over 61 days, and Bitcoin’s hash rate has yet to recover.
BTC Will Recover In Due Time
Crypto analyst Rekt Capital has continued to affirm that Bitcoin’s recovery will happen soon. He recently claimed that Bitcoin’s consolidation within this range is not out of the ordinary, noting that the market has witnessed such post-halving ranges in the past. The analyst has also explained that BTC is still in its re-accumulation phase of the Bitcoin halving for now.
Once this phase is done, BTC will move into the ‘parabolic uptrend’ phase which will kickstart BTC’s run to its market top for this cycle. Rekt Capital recently suggested that the parabolic uptrend phase could begin sometime in September. Meanwhile, he stated that based on previous market cycles, BTC’s market top could come sometime in September or October next year.
Rekt Capital has also advised Bitcoin investors against being shaken out of their positions. He stated that Bitcoin could retrace deep enough to convince anyone that the bull run was over, and then it would resume its uptrend.
Featured image created with Dall.E, chart from Tradingview.com
Bitcoin
PlanB’s Bitcoin Price Roadmap To $1,000,000 Starts Playing Out, Here’s The Rest Of The Prediction
The crypto industry has been riddled with intense activity in the past few weeks, coinciding with a run before and after the US elections. Much of the activity has been centered on the Bitcoin price, although spilling over into other cryptocurrencies.
The Bitcoin price first broke above $70,000 in late October just as the US election campaigns drew to a close, which ultimately resulted in Donald Trump being elected as the next president in November.
Interestingly, these events and their timelines were predicted on social media platform X by a popular crypto analyst. Particularly, these predictions were the first two in a longer outlook of the Bitcoin price reaching $1 million.
PlanB’s Bitcoin Price Prediction Timeline
According to a social media post in September by crypto analyst Plan B, these predictions were merely the beginning of a more extensive roadmap that could ultimately lead to Bitcoin reaching $1 million in 2025.
PlanB’s vision for Bitcoin’s price trajectory is an ambitious roadmap that began with the October surge to $70,000. Next, he predicted Donald Trump’s election victory in November, which would eventually end the Biden/Harris/Warren/Gensler war on crypto and set the stage for the Bitcoin price to reach $100,000 before December. After this, PlanB anticipates a massive wave of capital from new Bitcoin exchange-traded funds (ETFs) to drive the Bitcoin price up to $150,000 by the end of December 2024.
By January 2025, he foresees a resurgence of crypto companies back to the US, which would push the price further to $200,000. However, he suggested that some early investors may cash out in February 2025, which would cause a brief dip back to $150,000. March 2025 will arrive with another upswing to $300,000 as Bitcoin becomes legal tender in countries like Bhutan, Argentina, and Dubai.
April 2025 will see the United States begin accumulating Bitcoin as a strategic reserve under Trump’s administration, which would drive the Bitcoin price to $400,000. The ripple effect of this move is expected to continue into May 2025 as many other countries start to follow in the footsteps of the US. This, in turn, would drive Bitcoin up to $500,000 in May 2025.
The analyst envisions AI-powered trading algorithms to start using Bitcoin in arbitrage trading in traditional finance, which would cause a surge to $600,000 in June 2025. Notably, PlanB expects a crazy FOMO (fear of missing out) phase to kick in after this, with a relentless wave of buying between July and December 2025 that would cause the Bitcoin price to peak above $1,000,000.
However, he projects that this peak will lead to a distribution phase in 2026, resulting in Bitcoin pulling back to around $500,000. The roadmap then forecasts a bear market by 2027, with the Bitcoin price eventually finding a bottom near $200,000.
Current State Of BTC
At the time of writing, Bitcoin is trading at $75,120, having recently reached a new all-time high of $76,243 in the past 24 hours. However, this might not stand for long, as current momentum suggests the Bitcoin price reaching $80,000 very soon.
Featured image created with Dall.E, chart from Tradingview.com
Bitcoin
Trump and Lummis Unite on $76 Billion National Bitcoin Reserve
Senator Cynthia Lummis is making a bold new proposal to establish a Bitcoin reserve in the US. This follows President-elect Donald Trump’s recent declarations in the run-up to the US elections.
Her bill, the BITCOIN Act of 2024, aims to have the US Treasury acquire 1 million Bitcoin (BTC) over five years, a massive move that would position the US as a leader in financial innovation.
Senator Cynthia Lummis Advocates Bitcoin Reserve
The Wyoming senator wants the plan spread across five years, with purchases of 200,000 BTC tokens every year to develop America’s Bitcoin reserve. At current rates, that translates to an investment of about $76 billion.
“We are going to build a strategic Bitcoin reserve,” Lummis shared on X (formerly Twitter).
Notably, Lummis’s side of the political divide now holds the majority in both the Senate and House committees. According to Stand With Crypto, 261 pro-crypto candidates have been elected to the House of Representatives against 116 anti-crypto candidates. On the other hand, there are 17 pro-crypto candidates in the Senate and 12 anti-crypto lawmakers.
Read more: How To Buy Bitcoin (BTC) and Everything You Need To Know
With this, the chances of Senator Lummis’ Bitcoin Bill passing through Congress are far better. This is as opposed to the Biden administration, where efforts toward bipartisan bills were greatly stifled due to a divided Congress.
This political alignment, along with Bitcoin’s recent surge to a new all-time high, adds momentum to Lummis’ initiative. Industry leaders, including Michael Saylor of MicroStrategy and Samson Mow, have shown support, stressing Bitcoin’s potential as a national asset.
Mow highlighted Bitcoin’s value at sub-$100,000, pointing out its potential strategic importance if prices soar above $500,000 in coming years.
“Good luck Senator Lummis. I suggest acting quickly. The difference between acquiring Bitcoin below $0.1 million vs. $0.5 million will have massive geopolitical ramifications,” Mow wrote.
Framework for Secure BTC Management
The BITCOIN Act does not stop at Bitcoin acquisition. It also introduces a framework for managing Bitcoin securely within Treasury vaults. It aims to reduce national debt by half by 2045. This would serve as a hedge against inflation and a potential powerhouse for US debt management.
President-elect Trump publicly endorsed the creation of a national Bitcoin reserve during the Bitcoin 2024 conference in Nashville. His remarks continue to stir interest among crypto proponents and Republicans as the then-presidential aspirant emphasized Bitcoin as a “core of financial independence” for the US.
“It will be the policy of my administration…to keep 100% of all the Bitcoin the US government currently holds or acquires into the future. This will serve in effect as the core of the strategic national bitcoin stockpile…It’s been taken away from you,” Trump said.
Meanwhile, state governments are also eyeing Bitcoin, with Florida’s Chief Financial Officer Jimmy Patronis recently endorsing Bitcoin as a “strategic reserve” for state pensions. Florida’s pension fund, among other states like Wisconsin and Michigan, would benefit from Bitcoin’s long-term appreciation, diversifying investments amid economic uncertainty.
Nevertheless, while the plan has garnered support, it raises questions about economic risks and global impacts. Some economists warn of potential volatility in tying national debt management to cryptocurrency. However, advocates point to Bitcoin’s finite supply and growing international adoption as a hedge against inflation and market fluctuations.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
With Trump’s support, a Republican-led Congress, and growing state-level backing, the plan has momentum. This makes the concept of a national Bitcoin reserve a closer reality than ever before. If implemented, the BITCOIN Act could place the US at the forefront of a global financial evolution.
“Other countries will follow,” another popular user on X added.
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Bitcoin
Bitcoin Price Might Never Dip Below $70,000 Again After The US Elections, Here’s Why
The US presidential elections have come and gone, and the only thing left is the results. Interestingly, a snapshot of the Bitcoin price during the elections showed Bitcoin trading just above $70,000. This is a notable price to follow, as history shows this might be the price support for Bitcoin in the foreseeable future. Interestingly, this phenomenon goes back to the Bitcoin price levels in previous US elections.
Why Bitcoin Price Might Never Dip Below $70,000 Again
Bitcoin has largely been on an uptrend since Monday, when it kicked off a run after it rebounded to the upside from $67,000. This run continued, allowing the Bitcoin average price during the 2024 presidential elections to be around $70,110.
Historically, U.S. election cycles have often been accompanied by shifts in Bitcoin’s value, marking crucial price points that tend to establish longer-term support levels.
To understand this trend, we need to look at the past four election cycles. Back in 2012, during the early days of the crypto industry, the Bitcoin price traded at a modest $10 on the US presidential election day, a price point that now seems almost unimaginable. By 2016, Bitcoin’s election-day price had climbed to $710, setting a new baseline that it has never revisited since.
The most interesting one was what happened after the 2020 US presidential election, when the Bitcoin price was trading around $13,555. The Bitcoin price has never revisited this price point again since then up until the time of writing. What’s more interesting is that this price point even served as the lowest support level during the 2022 bear market price crash.
If these historical trends are any indication, the 2024 election-day price of $70,110 could become a similar stronghold and a price floor for Bitcoin in the coming years. This level might even serve as critical support should a bear market eventually take hold at any point.
What’s Next For The Bitcoin Price?
As of now, Bitcoin is trading above $73,200 after experiencing an intense surge over the past 24 hours. This remarkable rally saw Bitcoin climb nearly 10% within a single day, reaching an intraday high of $75,358. This milestone has now become Bitcoin’s highest trading level, as it broke past its previous all-time high of $73,737 in March 2024.
Although the Bitcoin price has pulled back slightly likely due to some investors cashing in on recent profits, the rally is expected to resume anytime from now. Considering this momentum, Bitcoin remains well-positioned to challenge the $80,000 mark before the end of November, especially if buying interest continues to drive the current uptrend.
Featured image created with Dall.E, chart from Tradingview.com
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