The cryptocurrency market is experiencing a bearish phase, leaving investors wondering when Bitcoin will recover. Despite the current downturn, analyst Willy Woo believes that Bitcoin has historically shown resilience and will bounce back.

Woo points to the Bitcoin "hash ribbons" indicator, which shows that miners are currently capitulating. This capitulation is a result of the Halving event in April, which slashed block rewards in half, drastically affecting miner finances.

The hash ribbons indicator compares short-term and long-term moving averages of the hashrate, showing when miners are finding it attractive or unprofitable to mine BTC. When the short-term average falls below the long-term average, it signals miner capitulation.

Woo notes that when "weak miners die and hash rate recovers," Bitcoin shows recovery. This corresponds to the phase of the market where capitulation has finished, and miners are no longer selling their BTC rewards, reducing selling pressure on the market.

The current capitulation event has been ongoing for 61 days, longer than previous events in 2016 and 2020, which lasted 24 days and 8 days, respectively. It remains to be seen when the hash ribbons will cross back, signaling miner recovery and potentially leading to a price rebound.

Bitcoin's price has plummeted, currently trading at around $63,900, down over 4% in the past week. While the market is bearish, Woo's analysis suggests that Bitcoin may be due for a recovery.

Only time will tell if Bitcoin will bounce back, but Woo's analysis offers a glimmer of hope for investors. As the market continues to evolve, it's essential to keep an eye on the hash ribbons indicator and other market signals to anticipate potential price movements.