Famous cryptocurrency analyst Willy Woo said in a recent statement: Bitcoin (BTC) He shared his views on what is needed for the 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 stated that the current situation is one that will enter the record books because the post-halving collapse of miners took an unusually long time. He suggested that this could be due to ordinals increasing miner profits.
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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