{"id":121787,"date":"2019-12-24T11:30:26","date_gmt":"2019-12-24T11:30:26","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=121787"},"modified":"2019-12-24T11:30:26","modified_gmt":"2019-12-24T11:30:26","slug":"asset-manager-this-key-indicator-means-the-bitcoin-bottom-is-in","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/asset-manager-this-key-indicator-means-the-bitcoin-bottom-is-in\/","title":{"rendered":"Asset manager: This key indicator means the Bitcoin bottom is in"},"content":{"rendered":"

Over the past few days, Bitcoin (BTC) has started to show signs of life, surging as high as $7,700 on the morning of Dec. 23. As of the time of writing this, the cryptocurrency is changing hands for $7,300, up nearly 15 percent from the brutal $6,400 low put in last week.<\/p>\n

<\/p>\n

While bears argue that it is too soon to tell that the bottom of the downtrend is in, a key signal that last appeared after Bitcoin hit $3,150 in December of last year has just made an appearance again, providing investors with a strong bull case moving into 2020.<\/p>\n

The bottom is in, key indicator says<\/strong><\/h2>\n

If you've been on Crypto Twitter in the past few months, you've likely heard the term “miner capitulation” used time and time again.<\/p>\n

For those unaware, miner capitulation<\/a> is when certain miners of the Bitcoin network or other blockchains, often retail and non-industrial operations, are losing money by continuing to contribute computational power to collect cryptocurrencies. These miners are forced to sell their mined cryptocurrencies and\/or shut off their operations, resulting in a large amount of bearish pressure in the Bitcoin market.<\/p>\n

There is no exact way to determine when such capitulation takes place, though analysts say it coincides with stagnations or decreases in the Bitcoin network's hash rate.<\/p>\n

Charles Edwards, a digital asset manager, remarked that the most recent capitulation began on Nov. 19, with hash rate stalling and Bitcoin falling by 25 percent in the weeks that followed.<\/p>\n

But according to his latest update<\/a>, posted Dec. 23, miner capitulation has most likely ended, with Bitcoin's hash rate finally breaking higher after weeks of flatlining, resulting in a signal of “recovery” being printed by his “Hash Ribbons” indicator. Edwards said:<\/p>\n

“We have Hash Rate recovery! Historically this has signaled the end of Miner Capitulations.
\nIn this case, it was a very shallow capitulation of average length (34 days). Buying on positive momentum from here has historically had wonderful R:R (likely at least a few days away)”<\/p><\/blockquote>\n

\"Bitcoin
Bitcoin hashrate recovery (Source: Twitter)<\/figcaption><\/figure>\n

This is notable: the last time the Hash Ribbons printed a recovery signal was in January this year, which was when BTC was attempting to hold the low-$3,000s after the brutal plunge from $6,000 to $3,150. Also, a signal of recovery from the Hash Ribbons marked at least two other macro price bottoms in Bitcoin's history.<\/p>\n

As reported by CryptoSlate previously<\/a>, a capitulation in the mining population and subsequent recovery is what preceded every previous bull run in Bitcoin's history.<\/p>\n

Simple chart analysis agrees<\/strong><\/h2>\n

It isn't only the Hash Ribbons that indicate the bottom is this macro move is in.<\/p>\n

Prominent trader “SmokeyXBT” recently posted<\/a> the chart below on Twitter, remarking that if $6,400 “was the generational Bitcoin bottom, it was the most perfect bottom to ever be formed.”<\/p>\n

Indeed, the chart he attached to this message shows that BTC bounced off a macro established support of the 2018 bear market, which coincided with the lower bound of a six-month-long descending channel.<\/p>\n

\"\"<\/p>\n

Can bulls push Bitcoin higher from here?<\/strong><\/h2>\n

The question then remains: can bulls push Bitcoin higher from the $7,000s to the $8,000s and beyond?<\/p>\n

According to a number of prominent traders, for sure.<\/p>\n

“Dave the Wave,” a prominent chartist that called the recent drop to the $6,000s when Bitcoin was trading above $10,000, recently noted that he believes the one-week Moving Average Convergence Divergence (MACD) \u2014 an indicator tracking trends of assets \u2014 is likely going to see a bullish crossover early next year.\u00a0 The popular trader wrote:<\/a><\/p>\n

\u201cWeekly MACD shaping up to re-cross bullishly soon to confirm the continuation of the next cycle.”<\/p><\/blockquote>\n

Bullish MACD readings on Bitcoin\u2019s one-week chart marked the start of previous bull runs, including the miniaturized one seen from March of this year to July.<\/p>\n

Fundamental developments seemingly favor bulls as well. As put best by Andy Bromberg of Coinlist in a recent Bloomberg interview<\/a>:<\/p>\n

“We are seeing a level of building that has happened in 2019 [which makes it feel like] we\u2019re in the moment of everyone is putting on their jumpsuits, ready to take off.”<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"

Over the past few days, Bitcoin (BTC) has started to show signs of life, surging as high as $7,700 on the morning of Dec. 23. As of the time of writing this, the cryptocurrency is changing hands for $7,300, up nearly 15 percent from the brutal $6,400 low put in last week. 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