) is headed “a lot higher” as a classic on-chain metric calls for resumption of the bull run.on June 4, quantitative Bitcoin and digital asset fund Capriole Investments revealed “tempting” signals from the Hash Ribbons metric.Bitcoin miners have been forced to readjust since April’s block subsidy halving, and hash rate — the estimated aggregate processing power they dedicate to the network — confirms it.
The result is Bitcoin’s Hash Ribbons dropping into a new “capitulation” phase — a classic, if controversial, BTC buy signal.“Perhaps the best long-term Bitcoin buy signal there is, Hash Ribbons is now tempting us with the current Miner Capitulation which started two weeks ago.” “You will often see Miner Capitulations sync with shuttering of miner operations, bankruptcies and takeovers. As in the current instance, they also often sync with the Bitcoin Halvings,” Edward explained.
Source: Digital Coin News (digitalcoinnews.net)
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