Bitcoin has been in a downtrend for the past two weeks and is currently trading 13.8% below its all-time high of $73,835 reached on March 14. Analysts state that BTC must regain its hashrate and get rid of "weak hands" in order to end its downward trend.
Crypto analyst Willy Woo says Bitcoin price will only recover when âweak miners give upâ and the hashrate recovers. "This will go down in the record books because it took so long for the miners to surrender after the halving," Woo said in his post on the X social media platform on June 21. said.
The theory of miner capitulation suggests that if the price of Bitcoin falls below a certain level and mining becomes unprofitable, miners will shut down their hardware and sell their BTC. When Bitcoin âfalls into weak hands,â it means âinefficient miners running on old hardware and high costs go bankrupt.â Other miners are forced to switch to more efficient hardware because their income has halved. In both cases, miners are forced to sell their BTC to cover losses or for hardware upgrades.
"After this is over and the sales are over, only the strong will remain, and they will expect higher prices," Woo said. he added. He also noted that capitulation in the current cycle is likely taking longer due to profit increases. âThanks to the Ordinals,â he said.
Woo shared a chart showing that the hashrate recovery is taking longer compared to previous cycles. In the 2017 cycle, hashrate recovery took 24 days, and in 2020 it took only 8 days. "And today, we're still waiting for the miners to give up properly. It's been 61 days so far," Woo said. said.
Bitcoin hashrate refers to the number of attempts per second to solve the mathematical puzzle that validates Bitcoin transactions. When the Bitcoin hashrate rises, more computing power is used, which increases energy costs and lengthens verification and transaction times.
"Bitcoin's average mining cost is currently at $86,668," analyst Ali Martinez wrote in a post on X on June 15. said. âHistorically, BTC always rises above the average mining cost!â he added.
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