 | The Hash Ribbons indicator informs us when Bitcoin miners are capitulating and when that period ends. It just flashed a buy signal after a period of extreme miner capitulation that started November 27. This has been one of the if not the most brutal miner capitulations in Bitcoin's history. Historically, this buy signal has been an amazing moment to buy Bitcoin, as the chart below shows. The buy signal flashes at the end of the "red" period; the red period is the period of miner capitulation. A small caveat to this buy signal is that it also flashed this summer, on August 19, yet back then we went lower due to FTX. So we still have to worry about black swans (hello macro economy!). [link] [comments] |
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