The price of Bitcoin has been on a downward spiral, leaving investors wondering when the recovery will begin. According to analyst Willy Woo, the answer lies in the mining market. Woo believes that the price recovery is closely tied to the exit of weak miners and the subsequent recovery of the hash rate.

Historical trends suggest that Bitcoin's recovery typically starts after miner capitulation, which has been delayed this time around due to the demand for Bitcoin ordinals. Woo notes that this delay is unprecedented, with miner capitulation taking longer than usual to materialize. Despite this, Woo remains optimistic, pointing to the resilience of miner profits and the eventual recovery of the hash rate.

The current situation is reminiscent of previous halving cycles in 2017 and 2020, where the hash rate recovery coincided with the slow summer months. With 61 days having passed since the 2024 halving event, Woo's analysis suggests that the recovery may be imminent.

However, the ongoing sell-off of US Bitcoin ETFs continues to put pressure on the price, with outflows reaching $140 million on June 20. This institutional selling spree has led to a decline in investor interest, further exacerbating the price drop.

In conclusion, while the price of Bitcoin continues to fluctuate, analyst Willy Woo's insights offer a glimmer of hope. As weak miners exit the market and the hash rate recovers, the stage may be set for a price recovery. With historical trends on its side, Bitcoin may yet bounce back, but only time will tell.