Bitcoin on Fire! Macro Signals Point to EXPLOSIVE Crypto Bull Run

Bitcoin has made a striking comeback, with its value climbing by 29% since July 5 and reaching a high of $68,000. This impressive increase is sparking excitement among investors. Crypto analyst Willy Woo has identified key macro signals that could drive Bitcoin’s continued rise.

One thing’s for sure – you can’t miss this! Here’s what to look for and why these signals are important.

End of Miner Capitulation: A Bullish Sign?

Woo points to the end of miner capitulation as a major indicator. Miner capitulation is when miners struggle financially, often leading to a drop in Bitcoin’s price. Woo believes this phase is over and notes that the hash rate— which measures the network’s computing power—is now recovering.

The arrival of new mining hardware, like the M66s and S21 Pros, is expected to boost the hash rate even more, hinting at a potential bullish trend.

Woo emphasizes that the recovery of the hash rate is a strong bullish sign. Historically, when the hash rate improves, Bitcoin’s price tends to follow. This pattern suggests that Bitcoin could see a significant price increase soon.

Puell Multiple: Understanding the Phases

Another important metric Woo is watching is the Puell Multiple. This indicator compares current miner profitability to past earnings and has two key phases:

• Macro Bottoms: When miner profitability is at its lowest, signaling a possible turnaround.
• Signal Bottom: When Bitcoin’s halving event cuts miner earnings in half, setting the stage for a potential bull run.

Woo believes we are currently in the Signal Bottom phase. With miner earnings reduced, the market might be ready for a bullish shift, making it a good time to invest in mining stocks.

Global Liquidity On the Rise

Woo also highlights the impact of global liquidity. When liquidity increases—often due to more money being printed—investors tend to move towards riskier assets like Bitcoin. Current signs suggest that global liquidity might be rising, which could support a bullish outlook for Bitcoin.

Bearish Concerns to Watch

Despite these positive signs, Woo also points out some bearish factors. One concern is the recent increase in Bitcoin being moved to spot exchanges, including a large 42,587 BTC transfer from Mt. Gox to new wallets. This could affect market dynamics.

Additionally, the upcoming launch of the Ethereum spot ETF might lead to some capital moving from Bitcoin to Ethereum, which could also influence Bitcoin’s price.

What’s Next for Bitcoin?

Looking ahead, Woo believes Bitcoin needs to surpass $73,000 to trigger a short squeeze, potentially pushing the price up to $77,000. Beyond this level, Bitcoin could enter a phase of price discovery with fewer obstacles.

Currently, Bitcoin is trading at $66,613, showing a 1% drop over the last 24 hours. Despite this dip, BTC trading volume has surged by 47%, with a market cap of $1.31 trillion.

Also Check Out: Ethereum ETF News: Will Spot ETH ETFs Outperform Bitcoin ETFs?

It’s time to buckle up for a potentially thrilling Bitcoin journey. We’re excited!