Renowned Cryptocurrency Analyst Explains Why Bitcoin (BTC) Price Struggles to Bounce Back
Cryptocurrency expert Willy Woo recently shared insights into the reasons behind the slow recovery of Bitcoin’s price.
In a recent statement, well-known cryptocurrency analyst Willy Woo discussed the necessary conditions for Bitcoin (BTC) to regain its value.
Woo emphasized that the recovery of Bitcoin hinges on the demise of weak miners and the subsequent increase in hash rate. He pointed out that the current situation is unprecedented, as the post-halving collapse of miners has lasted unusually long, possibly due to factors that boost miner profits.
Woo also delved into past recoveries, citing the 2017 hash rate recovery that lasted 24 days. In contrast, the recovery in 2020 only took 8 days despite the chaos of the COVID-19 collapse. Notably, while many Wall Street elites took time off during this period, MicroStrategy’s CEO, Michael Saylor, continued to actively buy Bitcoin and encourage others to do the same.
As of now, the Bitcoin community is eagerly awaiting the resignation of miners, with 61 days having passed without significant progress.
*This article does not provide investment advice.
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