Analysts say Bitcoin price will rally only after BTC miners capitulate and the network’s hashrate recovers.
Bitcoin (BTC) has been in a downtrend for over two weeks and now trades 13.8% below its all-time high of $73,835, reached on March 14. Analysts argue that BTC must recover its hashrate and shake off “weak hands” to end the downtrend.
Independent analyst Willy Woo noted that Bitcoin’s price would only recover when “weak miners die” and the hashrate recovers.
“This one is for the record books as it's taking a lot of time for miner capitulation post-halving,” Woo wrote in a June 21 post on the X social media platform.
