Hash Ribbon – According to Charles Edwards’ statistics on the swings in Bitcoin (BTC) hashrate, the firm he founded, Capriole Investments, may have reached the zenith of miners’ pessimism.
Hash Ribbon for Bitcoin claims the miners’ capitulation is finished
Mr. Edwards announced on Twitter that the largest cryptocurrency publishes bullish signals on Hash Ribbon, a measure of miners’ attitude for Bitcoin (BTC).
He claimed that the time when worried miners were turning off their mining equipment and capitulating was over. The market suffered greatly from this surrender, which was just two days shorter than the one that drove the price of bitcoin to $3,100 during the 2018 Crypto Winter.
When miners capitulated, Bitcoin (BTC) historically reached its lowest points. Additionally, the most trustworthy bullish signals are produced by capitulations that occur during the second halves of Bitcoin (BTC) mining cycles. The second phase of this cycle began on May 10, 2022, making Charles Edwards’ prediction incredibly optimistic.
What is Hash Ribbon, and why is it important?
Charles Edwards created the hash ribbon indicator in 2019. He explained the idea behind this indicator in his essay, “Hash Ribbons & Bitcoin Bottoms.” This indicator is based on the relationship between the 30- and 60-day moving averages (MAs) of the net hashrate, or total number of hashes calculated by all Bitcoin (BTC) network miners, of the cryptocurrency.
Analysts predict miners’ capitulation when 30 DMA falls below 60 DMA; the opposite situation occurs after the capitulation is over. When the price increases and the 30 DMA jumps over the 60 DMA, a reliable bullish signal is registered.
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