Bitcoin
Veteran Crypto Analyst Timeline When Bitcoin Price Starts to Recover
In the last 24 hours, the price of Bitcoin has fallen 1.5% to $64,590. Since reaching its all-time high price in March 2024 of $73,084, Bitcoin has shed more than 12% of its gains and is struggling to recover. support the US$65,000 support level. Many are now wondering when the price will reach its ATH again.
Meanwhile, Willy Woo, a respected figure in the crypto community, shed light on the factors driving Bitcoin’s potential recovery.
Exit 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 Meanwhile, these miners, who often use outdated hardware and face high operating costs, are forced to close their operations or upgrade their equipment to remain competitive in the mining fields.
As a result, these miners are forced to sell their Bitcoin holdings to cover losses or fund hardware upgrades, leading to downward pressure on the price of Bitcoin.
The weak miner exit process is crucial to The long-term health of Bitcoin and stability. By preventing inefficient participants from entering the network, Bitcoin becomes more resilient and robust, paving the way for bitcoin’s price recovery.
Delay in Bitcoin price rise
Digging further into 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 rally over 24 days, coinciding with the traditional summer vacation for Wall Street individuals. Similarly, in 2020, the hash rate recovered within 8 days of the market chaos caused by COVID-19.
But now, after much recent halving, it has been more than 61 days and the miners have still not recovered. Woo thinks this is due to different things, like market performance and what big investors are doing.