📉 Bitcoin's hashrate drawdown is at a low not seen since Dec 2022, hinting at a potential market bottom. Data from CryptoQuant shows a -7.6% True Bitcoin Hashrate Drawdown, suggesting low selling pressure. Meanwhile, Bitcoin miners are showing signs of capitulation, indicating possible Bitcoin buying opportunities. But don't pop the champagne just yet! Market analyst Will Woo warns that the market won't hit new highs until weak miners close shop. And with the 2024 halving event looming, a report from Cantor Fitzgerald suggests major mining companies could face profitability issues if Bitcoin's price falls to $40,000. So, buckle up, crypto fans! It's gonna be a bumpy ride! 🎢