Analysts from CryptoQuant have stated that miner capitulation is currently happening. Historically, after such signals, the price of Bitcoin has often risen, and analysts are expecting a similar scenario now
The Hash Ribbons indicator, which tracks hashrate fluctuations to evaluate the state of the mining ecosystem, has signaled capitulation. This indicator has previously pointed out optimal entry zones, and each of these signals was followed by a rise in Bitcoin’s price
It’s worth noting that the indicator only failed once due to the impact of the COVID-19 pandemic