Bitcoin miners will have to give in before BTC can soar to new heights in a fresh rally, according to the renowned on-chain analyst Willy Woo. Woo advises his 1.1 million followers on X, a popular social media platform, to look out for compressions in Bitcoin hash ribbons when considering the right time to buy and hold. He acknowledges that it may be frustrating, but BTC won’t reach all-time highs until more pain and boredom has run its course. However, Woo sees the bright side in miners capitulating, as this usually leads to a significant rally. Bitcoin hash ribbons aim to detect periods when miners are under stress and potentially giving up, as stated by on-chain analytics firm LookIntoBitcoin. Woo points out that BTC’s price will continue to suffer until the hash market gains more traction. The on-chain analyst also examines the current level of paper bets on Bitcoin. He uses a z-score oscillator represented by a solid yellow chart to assess its local significance, and he believes that more liquidations are needed before giving the green light for further bullish activity. As of now, BTC is trading at $65,088, reflecting a nearly 7% decline over the past week. Remember to subscribe to receive email alerts and stay updated on price action. Follow us on X, Facebook, and Telegram for the latest news. Stay tuned to The Daily Hodl Mix for more information. Please note that all opinions expressed at The Daily Hodl are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are undertaken at one’s own risk, and any resulting losses are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not a financial advisor. It is important to acknowledge that The Daily Hodl engages in affiliate marketing.