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.


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