According to analysts, the price of Bitcoin won't rise until the network's hashrate increases and BTC miners give up.

After more than two weeks of decline, the price of bitcoin is currently 13.8% below its peak, which was recorded on March 14 at $73,835. Experts contend that in order to halt the downward trend, Bitcoin needs to regain its hashrate and shake off "weak hands."

Willy Woo, an independent expert, stated that the price of Bitcoin will only rise again when the hashrate increased and "weak miners die."

Woo posted on the social media platform X on June 21. "This one is for the record books as it's taking a lot of time for miner capitulation post-halving," Woo wrote.

A notion known as "miner capitulation" asserts that if Bitcoin drops below a particular price and mining becomes unprofitable, miners will sell their coins and turn off their hardware.

When Bitcoin "sheds weak hands," it indicates that "inefficient miners with expensive, outdated hardware file for bankruptcy." The expert clarified that some companies are compelled to switch to more efficient hardware because their earnings have decreased by half. "In order to cover losses or upgrade hardware, miners are forced to sell their Bitcoin in both cases."

Woo also mentioned that the current cycle is taking longer to capitulate, most likely as a result of profit increases. "It is because of ordinal inscriptions."

He showed the following graph, which indicates that in comparison to earlier cycles, the hashrate recovery is taking longer.

The number of attempts per second to solve the mathematical puzzle that verifies Bitcoin transactions is referred to as the hashrate of Bitcoin.

An increase in the Bitcoin hashrate results in a greater demand for processing power, which raises energy expenses and prolongs transaction and verification times.

"As of right now, the average mining cost for Bitcoin is $86,668," stated analyst Ali Martinez in a post on X dated June 15.

Another expert, Mr. Anderson, offered his thoughts on when the price of Bitcoin is likely to reverse its downward trend. He predicted that it will require a "shake out," which occurs "when price drops sharply, causing less committed traders to sell."

"The objective is to incite panic and heightened sales," he clarified in an X post dated June 18.

"The price frequently stabilises or rises as stronger traders buy at lower prices after the weaker traders leave."