Renowned Cryptocurrency Analyst Explains Why Bitcoin (BTC) Price Fails to Recover

In a recent statement, famous cryptocurrency analyst Willy Woo shared his views on what is needed for the Bitcoin (BTC) price to recover.

Woo explained: “When will Bitcoin recover? When weak miners die and the hash rate recovers.”

Woo explained: “When will Bitcoin recover? When weak miners die and the hash rate recovers.” Woo, mevcut durumun rekorlar kitabına girecek bir durum olduğunu, çünkü madencilerin yarılanma (halving) sonrası çöküşünün alışılmadık derecede uzun sürdüğünü belirtti. Bunun nedeninin, madenci kârlarını artıran ordinals olabileceğini öne sürdü.

Woo then took us on a journey into past recoveries. Woo recalled the 2017 hashrate recovery that lasted 24 days.

The recovery in 2020 was a different story. Amid the chaos of the COVID-19 collapse, the recovery took just 8 days. During this time, many wealthy individuals from Wall Street took time off to recover. But MicroStrategy’s CEO, Michael Saylor, was an exception. Saylor was actively buying Bitcoin and encouraging his wealthy friends to do the same.

As of today, the Bitcoin community is still waiting for miners to give up. So far, 61 days have passed and the wait continues.

*This is not investment advice.

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