Veteran Crypto Analyst Outline Timeline When Bitcoin Price Start To Recover
The post Veteran Crypto Analyst Outline Timeline When Bitcoin Price Start To Recover appeared first on Coinpedia Fintech News
In the last 24 hours, Bitcoin’s price fell by 1.5% to $64,590. Since reaching its all-time high price in March 2024 at $73,084, Bitcoin has dropped more than 12% of its gains and is struggling to sustain the $65,000 support level. Many are now wondering when the price will again reach its ATH.
In the meantime, Willy Woo, a respected figure in the crypto community, has shed light on the factors driving Bitcoin’s potential recovery.
Exiting of Weak Miners
According to Willy Woo, the timing of Bitcoin’s recovery is closely linked to the exit of weak miners from the network. Meanwhile, these miners, often operating outdated hardware and facing high operational costs, are forced to shut down their operations or upgrade their equipment to remain competitive in the mining areas.
As a result, these miners are forced to sell their Bitcoin holdings to cover losses or finance hardware upgrades, leading to downward pressure on Bitcoin’s price.
The process of weak miner exiting, is crucial for Bitcoin’s long-term health and stability. By keeping out inefficient participants from the network, Bitcoin becomes more resilient and robust, making a way for bitcoin price recovery.
Delay in Bitcoin Price Rally
Further examining historical data, Willy Woo provides insights into the potential timing and magnitude of Bitcoin’s next price rally. In 2017, Bitcoin experienced a hash rate recovery over 24 days, coinciding with the traditional summer break for Wall Street individual. Similarly in 2020, the hash rate recover within 8 days from the market chaos caused by COVID-19.
But now, after the most recent halving, it’s been over 61 days, and the miners still haven’t bounced back. Woo thinks this is because of different things like how the market is doing and what big investors are up to.
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