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Analysis: Bitcoin price is expected to rebound after miners capitulation and computing power recovery
According to analysts, the price of Bitcoin is expected to rebound only after miners surrender and network computing power recovers. Independent analyst Willy Woo said that the key to the current Bitcoin price decline is the exit of "weak holders," including those running outdated hardware and inefficient miners with high costs. Woo believes that as the mining industry reshuffles and hardware upgrades, prices may stabilize and are expected to rise. However, the surrender process is currently longer than in previous cycles, perhaps due to the impact of profit improvement. In addition, analysts pointed out that the recovery rate of Bitcoin's computing power is far lower than in previous periods, indicating challenges and opportunities in the market.