Bitcoin

when

April

Time

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price will recover only post-miner capitulation and hash rate recovery, Will Woo says.</li> 
 <li>BTC is now trading above $64,000.</li> 
</ul> 
<p>Bitcoin on-chain analyst Will Woo is reiterating his predicitons about Bitcoin’s price recovery.</p> 
<p>In a new post on X, the analyst said once more that BTC’s price will only recover when weak miners die and the hash rate recovers.</p> 
<p>He said that this one is for the record books, as it’s taking a lot of time for miner capitulation post the halving event. Bitcoin’s halving took place on April 20.</p> 
<p>Woo also said that the profit boost was thanks to ordinal inscriptions.</p> 
<p>He also <a href="https://x.com/woonomic/status/1803926249036710234" rel="nofollow" target="_blank">shared</a> a graph showing that the hash rate recovery is taking longer compared to the previous ones: 61 days so far, compared to 8 days and 24 days.</p> 
<p><a href="https://x.com/woonomic/status/1803926249036710234/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GQjTXrsXIAAocBW?format=jpg&amp;name=large" alt="GQjTXrsXIAAocBW?format=jpg&amp;name=large" width="1538" height="1124" title="Bitcoin (BTC) To Surge When Weak Miners Die And Hash Rate Recovers 12"></a></p> 
<p>Woo continued and revealed that the 2017 hash rate recovery took 24 days.</p> 
<p>This happens to coincide with the weak summer months of June and July when Wall Street and “rich fellas” go on summer break to “their fancy holiday homes,” according to the analyst.</p> 
<p><a href="https://x.com/woonomic/status/1803926251163258990/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GQjUUFuWwAAbFn5?format=jpg&amp;name=900x900" alt="" width="900" height="679" title="Bitcoin (BTC) To Surge When Weak Miners Die And Hash Rate Recovers 13"></a></p> 
<p>Also, Woo revealed the 2020 recovery which lasted for 8 days.</p> 
<p>This was when markets were frazzled by the COVID crash, and “rich guys” took time away from Wall Street to recover, apart from Michael Saylor who was stacking and telling his friends to do the same, Woo notes.</p> 
<p><a href="https://x.com/woonomic/status/1803926253273067933/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GQjUjUZXMAAKxmt?format=jpg&amp;name=large" alt="" width="1608" height="1130" title="Bitcoin (BTC) To Surge When Weak Miners Die And Hash Rate Recovers 14"></a></p> 
<p>And now, according to Woo, the markets are still waiting for the miners to “properly die.” He notes that so far, there are 61 days that passed.</p> 
<p><a href="https://x.com/woonomic/status/1803926255466619026/photo/1" rel="nofollow" target="_blank"><img loading="lazy" decoding="async" class="alignnone" src="https://pbs.twimg.com/media/GQjVKVxWsAAStin?format=jpg&amp;name=large" alt="" width="1562" height="1128" title="Bitcoin (BTC) To Surge When Weak Miners Die And Hash Rate Recovers 15"></a></p> 
<p>Bitcoin hash rate refers to the number of attempts made per second to solve the mathematical puzzle that validates Bitcoin transactions.</p> 
<p>A higher hashrate indicates the need for:</p> 
<ul> 
 <li>more computing power</li> 
 <li>increased energy costs</li> 
 <li>longer verification and transaction times</li> 
</ul> 
<p>This results in slower and more expensive Bitcoin mining.</p> 
<p>According to recent reports, Bitcoin reserves held by miners <a href="https://crypto.ro/en/news/bitcoin-miner-reserves-reach-14-year-low-but-their-fiat-value-nears-135b-ath/">dropped</a> to their lowest total in over 14 years. However, their fiat value recently went close to the previous ATH of $135 billion.</p> 
<h2 id="bitcoin-is-trading-above-64-000">Bitcoin is trading above $64,000</h2> 
<p>At the moment of writing this article, BTC is trading above $64,000.</p> 
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<p>Despite the recent price drops of the coin, BTC remains surrounded by optimistic price predictions.</p> 
<p>The latest ones come from analysts at Bernstein who&nbsp;<a href="https://crypto.ro/en/news/bitcoin-btc-could-reach-500k-by-2029-1m-by-2033/">predicted</a>&nbsp;that we can see BTC hitting $200,000 by 2025, and $500,000 by 2029. Also, according to them, BTC could even hit&nbsp;$1 million&nbsp;by 2033.</p>

Bitcoin (BTC) To Surge When Weak Miners Die And Hash Rate Recovers

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