trajectory in 2024 has been marked by significant volatility, Despite reaching an all-time high of $73,737 earlier in the year, Bitcoin’s value has significantly retreated, currently standing around $64,625.
According to Woo, the price recovery for Bitcoin could start once these weaker miners have exited the market, allowing the hash rate—a measure of the total computational power used in mining and processing—to stabilize and recover. These dynamics are critical as they reduce the pressure from constant selling by miners needing to cover operational costs, potentially paving the way for price stabilization and subsequent increases.Historically, post-halving periods have been followed by significant price increases after initial volatility. Woo draws parallels with previous cycles in 2017 and 2020, noting that current market conditions mirror these earlier phases but with a delayed recovery.
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Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »
Source: CryptoAmb - 🏆 22. / 68 Read more »