•The Bitcoin (BTC) Hash Ribbon indicator signals a market bottom may be in sight as the worst of miner capitulation passes.
•The Hash Ribbon indicator chart indicates that the worst of miner capitulation is over when the 30-day moving average (MA) crosses the 60-day MA, which is suggestive of a switch from negative to positive price momentum.
•BTC holders have experienced a tough year, but the worst of miner capitulation could be over as BTC turns bullish and breaks out towards $19,000.
The past year has been a tough one for Bitcoin (BTC) holders, with the price of the cryptocurrency down 75% from its all-time high (ATH). In addition, the hash rate too reached an all-time high as miners increased efforts to ensure profitability in the energy crisis. This has caused a great deal of miner capitulation, with mining stocks falling over 80%, and mining company bankruptcies solidifying the bear market.
However, there may be some good news on the horizon, according to CryptoSlate analysis. The Bitcoin (BTC) Hash Ribbon indicator signals a market bottom may be in sight as the worst of miner capitulation passes. The indicator chart indicates that the worst of miner capitulation is over when the 30-day moving average (MA) crosses the 60-day MA, which is suggestive of a switch from negative to positive price momentum. This could reveal good buying opportunities, as the switch from dark-red back to white is indicative of a bullish trend.
This theory is further supported by the total supply of BTC currently held in miner wallets, which has hit roughly 1.8 million BTC. This suggests that the sell pressure from miners is abating, and with BTC turning bullish and breaking out towards $19,000, it appears that the worst of miner capitulation could be over.
Of course, it is important to note that nothing is certain in the world of cryptocurrency, and miners could still cause some disruption in the coming months. Nevertheless, the current indicators do point to a potential bottom in the market, and so it could be a good time to buy in and take advantage of the current market conditions.