The mining hub of the world, Kazakhstan went offline and the entire crypto space came down to its knees. After China banned mining, most of the miners fled to Kazakhastan to continue to mine BTC. Yet due to some political turmoil, the nation witnessed a complete internet blackout. This impact the mining extensively and hence was one of the major reasons for the crash.
The Bitcoin hash rate was deeply impacted and hence the BTC price also plunged drastically by more than 8%. However, the asset may not be into the deep bearish well for a longer time as a substantial flip may approach fast. Yet the asset requires consolidating and waiting for a pretty long time. A popular analyst believes, BTC may break the upper barrier during the 2022 summer.
As per the chart posted by the analysts, the BTC price is following a similar trend as it followed during the 2021 summer. Interestingly, the asset was priced around $40,000 during January 2021 and currently, the same cycle appears to repeat again. If the asset follows the same trend, then it may continue to consolidate for the next 2 to 3 months and surge high during the summer.
The Bitcoin price showcased a decent chance of retesting the capitulation wick that happened exactly during the same time during the 2021 summer bear market. However, the analysts also make it clear that the pattern may be invalid if the BTC price fails to sustain above $40,000 levels.