Crypto currency analyst Willy Woo said that using two indicators to measure the development of the Bitcoin mining ecosystem, the market has bottomed out in March. First, the Hash Ribbons (moving average of Hash Rate) have begun to recover, which is a "reliable bottom signal." The last similar situation was in December 2019, when BTC was at the bottom of $ 6,400; followed by December 2018, when BTC was near the bottom of $ 3,150. The second is the energy ratio of miners. The ratio of bitcoin ’s market value to its energy consumption briefly broke into the “extreme buying zone” during the March crash. The last entry into the extreme buying area was a few months before the last halving.