Historical event took place yesterday — one of the best long-term indicators “Hash Ribbons” showed a signal of Miner Capitulation, Charles Edwards from Capriole.io confirmed this on Twitter.
This means that now it is extremely unprofitable to mine bitcoin, and they turn off the power, reducing the hash rate of the network, or sell the mined bitcoins to the market in order to partially cover the costs. One way or another, the emission is reduced, cheap bitcoins enter the market—which purely logically and historically points to the bottom of the market. After the Capitulation confirmed, the recovery phase begins, which ends with a Buy signal.
In the current season, we had a “double bottom”—there was already a phase of accumulation, capitulation, and a Buy signal. But the FTX black swan took the market even lower, into the second accumulation zone, where we are now.
⁉️ What do you think, will we get the 3rd bottom, which has never happened before historically, or this bottom is the last one?
pi cycle indicator and hash ribbons are dead since everybody knows about it.
zombietrader13
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I hope the miners will survive for another year or two. It will trade in the range for long time until the recession is gone, inflation is down, regulations are in place and some real cases emerge with mass adoption. That's my view..let's see