A key metric for Bitcoin, the Hash Ribbon, has signaled miner capitulation, potentially indicating a price bottom for the cryptocurrency around $56,500. The Hash Ribbon, which compares the 30-day and 60-day moving averages of the Bitcoin hash rate, has historically marked the start of new bull runs when the trend reverses. In the current cycle, miner capitulation has been long-awaited after the recent Bitcoin halving, leading to a significant drop in the hash rate and difficulty. Despite the potential for capitulation to last around a month on average, historical patterns suggest that the Bitcoin bottom may have already been reached. The Luxor Q1 report also predicts a resurgence in the Bitcoin hash rate over the next five months.

Fabio

Full Stack Developer

About the Author

I’m passionate about web development and design in all its forms, helping small businesses build and improve their online presence. I spend a lot of time learning new techniques and actively helping other people learn web development through a variety of help groups and writing tutorials for my blog about advancements in web design and development.

View Articles