Hash rate capitulation in full effect
Updated
The hash rate capitulation indicator is showing full-on capitulation of the hash rate spurred by minors needing to pull back on the hash following the halving. The timing for price peaks following HRC flashes have been different, but HRC flashes are generally followed by increased prices (sometimes multiple Xs). I'd say the probability is very high that we will see higher prices in a few months.
Note: The trigger on July 6th, 2023 was near a bottom, but we did go sideways and then lower (FTX) for an extended period of time after that.
Note: The trigger on July 6th, 2023 was near a bottom, but we did go sideways and then lower (FTX) for an extended period of time after that.
Note
Hash rate capitulation looks to be ending. Today, July 19, 2024, the HRC seems to have bottomed at -5.33 and is now trending up and currently at -2.61. Good sign for minors to be equilibrating and for BTC to continue higher.
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