ShayanMarkets
Miners belief in bitcoin while providing significant security
Miners had joined the capitulation phase and have been slightly distributing their assets after a significant decline in Bitcoin’s price towards the $18K level. However, the hashrate has been experiencing a slight rally and has recently spiked, marking a new all-time high. Considering that Bitcoin’s price is down roughly 74% from its all-time high and mining might not be profitable for many miners and mining pools, this spike might be a proxy of their belief in the cryptocurrency while providing the security of the asset. Bottom line, Miners’ capitulation has historically marked the final stage of the bear market, and it seems to be close to an end. Thus, there is a high probability that Bitcoin is about to find its long-term bottom at these price levels.