Bitcoin Capitulation Near, Price to Plunge to $6400 if History Rhymes

Bitcoin Capitulation Near, Price to Plunge to $6,400 if History Rhymes

Last week, Crypto Twitter erupted with reports that “miners capitulated.” Indeed, the Bitcoin Hash Ribbons – an indicator tracking the health of the network’s hash rate – saw a bearish crossover, with the short-term moving average crossing below a long-term one, signaling that miners have stopped expanding their farms. Interestingly, however, the day after saw this crossover reverse, with miners stepping in at the eleventh hour to stop this signal from being etched into stone.