End of Bitcoin Miner Capitulation
"A recovery cross appeared in early January, the moment when the 30-day average crossed back above the 60-day, indicating that the worst of the minor selling pressure and the worst of the minor capitulation is ending."
ℹ️ In shortA "recovery cross" in early January, where the 30-day average crossed above the 60-day, indicates the worst of the miner selling pressure and capitulation is ending.
Predictions closed
For informational purposes only. Not investment, financial, legal or tax advice. Full disclaimer
… that produces a very specific signal on the hash ribbons indicator. When the 30-day mining power average drops below the 60-day average indicates miners are capitulating, selling their holdings to cover costs and switching off their hardware. That indicator just flipped into minor capitulation territory recently. And then something else happened. A recovery cross appeared in early January, the moment when the 30-day average crossed back above the 60-day, indicating that the worst of the minor selling pressure and the worst of the minor capitulation is ending. Historically, that specific crossover occurring after a period of minor shutdowns and a forced selling has preceded some of the most significant price recoveries in Bitcoin's history. Perhaps this time is different. Perhaps we still have to drop another 50%. But those are the facts. The weakest miners have been shaken out. The ones still running a …
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