Cryptocurrency analyst Willy Woo shared in his statement why Bitcoin price has not yet recovered.
In a recent statement, renowned crypto analyst Willy Woo shared his views on what is needed for Bitcoin (BTC) price to recover.
Woo explains: “When will Bitcoin recover? When weak miners die and hash rate recovers.”
I’ll break it down in simple terms.
When does #Bitcoin recover? It’s when weak miners die and hash rate recovers.
This one is for the record books as it’s taking a lot of time for miner capitulation post-halving.
Probably can thank ordinal inscriptions boosting profits. pic.twitter.com/19MB0b8mHO
— Willy Woo (@woonomic) June 20, 2024
Woo then brings up past data, saying the process 2017 hashrate recovery lengthen 24 days.
The recovery entered 2020 is another story. Amid the chaos caused by the Covid-19 pandemic collapse, the recovery just took its toll 8 days.
During this time, many wealthy individuals on Wall Street quit their jobs. But MicroStrategy CEO Michael Saylor is an exception. Saylor is actively buying Bitcoin and encouraging his rich friends to do the same.
As of today, the Bitcoin community is still waiting for weak miners to give up. To date, 61 days have passed and the waiting continues.
Willy Woo warns: “Bitcoin is preparing for a massive liquidation of short positions!”
