- BTC`s hash ribbon model was flawed since the previous one.
- Bitcoin miners released 10,000 BTC as of December 1st.
- BTC’s Market Value to Realized Value (MVRV) remained below one for over 170 days.
Author and analyst at CryptoQuant Dan Lim pointed out that BTC’s hash ribbon model was flawed in a published report. He said that this was the first time the dead cross had emerged without the price of Bitcoin rising. Since the Hash Ribbon model’s previous golden cross, something has happened.
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One of the biggest mining pools in the world, F2Pool, had a significant drop in hash rate as a result of the FTX exchange bank run. Additionally, as a result of this, the price of Bitcoin fell to approximately $16,000. In addition, Bitcoin miners released 10,000 BTC as of December 1st, which made things difficult for miners during the last several weeks.
Into the bargain, industry expert Will Clemente noted the indication and stated, “we are potentially entering into a double dip miner capitulatory period,” before adding:
“Hash ribbons have just initiated a bearish cross, historically this has been a leading indicator of miner capitulation.”
This death cross most recently appeared in June after the Luna collapse surrender.
The seven-day moving average of the hash rate is currently 13.7% behind all-time highs, according to Glassnode. In addition, a week from today, the mining difficulty is anticipated to change by -9%.
As more miners shut down their rigs over the past week, hash rates have plummeted. The indicator has dropped 14% after reaching an all-time high earlier this month. Today’s hash rate is 234 EH/s (exahashes per second), according to Blockchain.com.
In other Dan Lim’s findings, in this current year, BTC’s Market Value to Realized Value (MVRV) remained below one for over 170 days. In 2018, it remained below one for 134 days, after which a trend reversal took place. Therefore, the possibility of a similar episode in investors’ favor might not be out of reach.
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