Bitcoin, the world's largest cryptocurrency, has been stuck in a two-week downtrend, trading 13.8% below its all-time high of $73,835. According to analysts, the key to a price rebound lies in the recovery of Bitcoin's hashrate and the capitulation of "weak hands" – inefficient miners and uncommitted traders.

Independent analyst Willy Woo notes that Bitcoin's price will only recover when "weak miners die" and the hashrate recovers. This process, known as miner capitulation, occurs when miners turn off their hardware and sell their coins due to unprofitable mining conditions. As a result, inefficient miners are forced to upgrade or exit the market, leading to a reduction in selling pressure and a price rebound.

Woo highlights that the current cycle is taking longer than previous ones, likely due to profit boosts from ordinal inscriptions. The hashrate recovery is also taking longer, with 61 days having passed since the start of the cycle, compared to 24 days in 2017 and 8 days in 2020.

Fellow analyst Ali Martinez points out that Bitcoin's average mining cost is currently at $86,668, and historically, the price always surges above this cost. Meanwhile, Mr. Anderson believes that a "shakeout" is necessary, where the price drops sharply, causing less committed traders to sell and triggering a rebound.

In summary, analysts agree that Bitcoin's price rebound depends on the recovery of its hashrate and the capitulation of weak links in the mining and trading communities. As the market awaits this turning point, investors are advised to conduct thorough research and understand the risks involved in cryptocurrency investments.