Crypto:
30627
Bitcoin:
$64.629
% 5.67
BTC Dominance:
%53.7
% 0.12
Market Cap:
$2.34 T
% 5.89
Fear & Greed:
52 / 100
Bitcoin:
$ 64.629
BTC Dominance:
% 53.7
Market Cap:
$2.34 T

Renowned Crypto Analyst Explains Why Bitcoin (BTC) Price Hasn’t Recovered Yet

Bitcoin Exchange Reserve, Bitcoin

Renowned cryptocurrency analyst Willy Woo recently shared insights on why Bitcoin (BTC) prices have yet to recover.

In a recent statement, Woo discussed what is needed for Bitcoin prices to rebound.

Woo explained, “When will Bitcoin recover? When weak miners capitulate, and the hash rate stabilizes.”

Woo highlighted the current situation as unprecedented, noting that the post-halving miner collapse has been unusually prolonged. He suggested that ordinals, which have boosted miner profits, could be a factor.

Woo took us on a journey through past recoveries. He recalled the 24-day hash rate recovery in 2017.

The 2020 recovery was a different story. Amid the chaos of the COVID-19 crash, recovery took just 8 days. During this period, many wealthy individuals on Wall Street took a break to recover. However, MicroStrategy CEO Michael Saylor was an exception. Saylor actively purchased Bitcoin and encouraged his wealthy friends to do the same.

Today, the Bitcoin community is still waiting for miners to capitulate. So far, 61 days have passed, and the wait continues

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