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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Massive Bitcoin Miner Capitulation Could Act As Launchpad For Bull Market

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
bitcoin mining capitulation

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Bitcoin price is once again trading at a level at which miners are making a profit from operating their expensive mining machinery, however, lower prices are still causing capitulation amongst the weakest miners with access to more expensive energy sources than the most elite.

The mass capitulation is likely only to continue, as the cost of production will double overnight come May 12 when Bitcoin’s halving hits. The mass capitulation in the past has acted as a launchpad for each new bull run and the last round of capitulation could cause a repeat of the crypto hype bubble that put Bitcoin on the map.

BTC Hash Ribbons Point to Miner Capitulation Ahead of Halving

Many crypto investors have since written off that halving as a bullish event, ever since Bitcoin did the unthinkable and plummeted over 50% to under $4,000 on Black Thursday last month, due to the pressure of coronavirus panic.

The selloff crushed stocks, commodities, crypto, and more. It also cut Bitcoin price down so low, the crypto asset began trading at price below the cost for most miners to produce each BTC through a process called mining.

Related Reading | Crypto Countdown: Exactly Three Weeks Remain Until The Bitcoin Halving

Bitcoin miners take on energy costs and upfront costs of equipment to generate more and more BTC. It is only profitable when the cost per BTC is higher than the cost of production.

bitcoin price chart miner hash ribbon crypto halving

During the latest crash, miners were better off buying Bitcoin off exchanges, and it prompted many of the smaller time operations to shut off their machines, essentially waving the white flag and capitulating. This capitulation can be seen using an indicator called the Hash Ribbons, and they’re currently showing one of the most severe periods of capitulation yet.

bitcoin price chart miner hash ribbon crypto halving

Post-Capitulation Buy Signal Tends to Kick Start Each Bitcoin Bull Market

Hash Ribbons may be showing mass capitulation, but that may be a positive thing in the end for Bitcoin. Capitulation removes the weakest miners from the market, allowing more efficient miners who are less likely to sell at lower prices. These elite miners can afford to hold out until Bitcoin price is marked up during the next bull market to begin unloading their assets at a massive profit.

Related Reading | Crypto Market Cycle: Data Shows Bitcoin On Pace For Post-Halving Bull Run

In the past, each time the Hash Ribbons signal calculation, a buy signal is issued after, and Bitcoin price skyrockets. During the previous bear market cycles, miners give up three times according to the indicator, before a bull market begins.

Bitcoin price just caused miners to capitulate for the third time, and when the buy signal triggers, the next major crypto bull market could finally be here.

 

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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
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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