Renowned cryptocurrency analyst Willy Woo recently shared his perspective on the reasons behind the failure of Bitcoin’s price to recover. According to Woo, the recovery of Bitcoin is contingent on the demise of weak miners and the subsequent recovery of the hash rate.
Woo emphasized that the current situation is unprecedented, as the post-halving collapse of miners has lasted for an unusually long time, potentially due to factors that enhance miner profits.
Reflecting on past recoveries, Woo highlighted the 2017 hashrate recovery, which lasted for 24 days. In contrast, the recovery in 2020, amidst the chaos of the COVID-19 collapse, only took 8 days. During this period, while many wealthy individuals from Wall Street were taking time off, MicroStrategy’s CEO, Michael Saylor, stood out by actively purchasing Bitcoin and encouraging others to do the same.
Presently, the Bitcoin community is eagerly awaiting the surrender of miners. However, 61 days have passed, and the wait continues.
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