Bitcoin Hash Price Plummets: What's Next for BTC?

The Bitcoin hash price has hit an all-time low, with miners struggling to cope with rising costs and decreasing rewards. This has led to several miners shutting down their rigs and some mining companies shifting their investments to other Proof-of-Work (PoW) cryptocurrencies like Kaspa. While this doesn't signal the end of the current cycle, mining companies are hedging their bets, waiting for the buy-side liquidity to recover. Experts believe that Bitcoin could see further downside to $50,000, where it might find strong support from traditional financial institutions. Meanwhile, Bitcoin miners are experiencing a significant decline in profitability, similar to the downturn seen in December 2022 after the FTX collapse. This indicates that the current market situation is similar to the bottom of the cycle after the FTX collapse.