Bitcoin (BTC) has been in a downtrend for over two weeks and is trading 13.8% below its all-time high of $73.835 reached on March 14. Analysts believe that BTC must restore its hashrate and “throw away weak hands” to stop the decline. 📉

Independent analyst Willy Wu noted that the price of Bitcoin will only recover when “weak miners die” and the hashrate recovers.

“This is for history because after the halving it takes a long time for the miners to capitulate,” Wu wrote on June 21 on social media.

When Bitcoin "throws away weak hands," it means that "inefficient miners using old hardware and high costs will go bankrupt while others are forced to upgrade to more efficient hardware," the analyst explained.

Wu added that capitulation is taking longer in the current cycle, likely due to higher profits.

“The average cost to mine Bitcoin is now $86,668,” fellow analyst Ali Martinez said on June 15.

"Historically, $BTC has always risen above its average mining cost!"

Analyst Mr. Anderson also weighed in on when the price of Bitcoin is likely to stop falling. He said this would require a "shakeout" which occurs "when the price falls sharply, forcing less confident traders to sell."

"The goal is to create panic and increase sales," he explained on June 18.

"After weak traders exit, the price often stabilizes or rebounds as stronger traders buy at lower prices."