The metric flashed a buy signal a few months back but has failed to capitalize for the first time.
However, the recent downturn of the market, induced by the FTX crash, has changed the tides.by Capriole Investments’ Charles Edwards, the metric takes into account both the BTC mining difficulty as well as the hash rate to determine the miners’ capitulation.
Since the former readjusts itself every roughly two weeks, while the latter does it daily, there could be some time differences. This is why Edwards advised people to look at the Hash Ribbon as a long-term model. The post reads,the 2-month SMA of Hash Rate, the worst of the miner capitulation is typically over, and the recovery has begun. Buying at these points of time yields incredible results.”
BTC’s price has surged by up to 4-digit percentages in several months after such a cross occurred in the past.within the community recently, especially since the formation of a death cross in late November.that “for the first time since the Hash Ribbon model’s golden cross, the dead cross came without the price of Bitcoin rise.”, which ultimately resulted in a notable price drop for BTC to a two-year low.in the mining difficulty, suggest that BTC could indeed be facing miners’ capitulation.
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