Miners sold off BTC to cover losses and stay afloat for 71 days. The statistics show that the capitulation of Bitcoin miners was longer than in 2021 and a few days shorter than in 2018 when the quotes were at $3,100. Therefore, the recent capitulation was much more painful for the market. 

According to historical data, if miners sell bitcoin at the end of the cycle (at least 2 years after the reduction of the premium for adding a block to the network, which is called halving) – this is a profitable long-term signal.  The second phase of the cycle began on May 10, 2022, which makes Charles Edwards’ predictions very optimistic.

Recall that in the first half of this year, BTC fell by 69.2% from the all-time high reached in November, and the second quarter of 2022 was the worst in the history of the digital asset.

Charles Edwards created the Hash Ribbon indicator in 2019. Its concept is described in the Hash Ribbons & Bitcoin Bottoms analyst’s essay. The tool is based on the correlation between the 30-day and 60-day moving averages of BTC’s net hash rate (the number of hashes calculated considering all blockchain miners). When the 30 DMA falls below the 60 DMA, it signals the capitulation of the miners. If the opposite situation is observed, the sales of miners in the market are completed. A long-term upward trend must be followed not only by a rise in price but also by the location of the 30 DMA indicator above the 60 DMA. 

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