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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Hash Ribbons Indicate Post-Halving Miner Capitulation Has Begun

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin miner hash ribbons

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Hash ribbons, an indicator used to depict the health of Bitcoin miners powering the network, has just signaled capitulation for an unprecedented 4th time in this market cycle. And according to the tool, post-halving miner capitulation may have only just begun.

Bitcoin Miners Are Capitulating Due To Post-Halving Production Costs

As a failsafe mechanism ensuring the long-term health of the Bitcoin network, the halving is designed to not only reduce supply but purge the network of smaller time miners.

When the supply is suddenly reduced with each halving, the cost of production essentially doubles overnight. Miners whose operating expenses outweigh the revenue being generated close up shop, and sell remaining holdings to avoid significant loss.

Related Reading | Three’s a Crowd: Final Bitcoin Miner Shakeout Points to an Epic Rally 

During each and every previous Bitcoin market cycle consisting of an uptrend leading to a top and bear market bottoming process, there were three distinct periods where miners that secure the network capitulated.

This time around, miners are capitulating for an unprecedented fourth time, according to an indicator called Hash Ribbons.

bitcoin hash ribbons

Bitcoin‘s Hash Ribbons signal capitulation, and when it occurs, it later issues among the most historically profitable buy signals when the network returns to a healthier state.

At that point, the weakest miners are gone, and what’s left are more efficient miners that are able to hold onto any newly mined Bitcoin until the next bull market.

While a fourth capitulation event is unprecedented, the third, and previously final capitulation has always occurred following each halving.

During this cycle, the Black Thursday selloff that sent Bitcoin to under $4,000 and rocked the stock market, was a black swan nobody saw coming and caused a third capitulation event.

This post-halving capitulation is more in line with past cycles, and may – as it has shown in the past – create the final opportunity to buy at low prices before the asset’s next bull market.

But how low could it go, and how long could capitulation last? Looking at past miner capitulation periods, they typically last roughly one month. This entire time isn’t limited to the downside, however, the downside at the start is often severe.

The longest stretch recorded of miner capitulation was back when Bitcoin was trading at $6,000 in November 2018. Later, the asset fell to $3,000 and traded within that range for months while accumulation took place.

Related Reading | Bitcoin Trades Below Production Cost, Miners Are Better Off Buying 

Miners spent nearly three full months capitulating, then in January the Hash Ribbons issued a buy signal. Less than 6 months later, the cryptocurrency was trading once again at $13,000.

When the Hash Ribbons finally signal to buy again, it could very well be the last time to buy Bitcoin at these lower prices before its next bull market truly begins.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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