Bitcoin miners will need to surrender before BTC can embark on a new rally, as stated by the renowned on-chain analyst Willy Woo. In order to determine the ideal time to buy and hold, Woo advises his 1.1 million followers on the social media platform X to look out for compressions in Bitcoin hash ribbons. “I understand it’s frustrating, but BTC won’t reach all-time highs until more pain and boredom have been experienced. On a positive note, when miners capitulate, it usually leads to a significant rally.” Bitcoin hash ribbons are utilized by the on-chain analytics firm LookIntoBitcoin to identify periods when Bitcoin miners are distressed and potentially giving up. Woo emphasizes that BTC’s price will continue to suffer until there is an increase in activity in the hash market. The on-chain analyst also examines the current level of paper bets on Bitcoin. “The solid yellow chart represents a z-score oscillator that measures local significance. We still require a substantial number of liquidations before we receive the green light for further bullish activity.” BTC is currently trading at $65,088, experiencing a decline of nearly 7% in the past week.
