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⛏️ The Great Miner Capitulation is Ending: Is the Bottom In? 📉📈
Analysts are pointing to on-chain data suggesting the worst of the recent market drawdown might finally be behind us, as the longest miner capitulation phase in history wraps up!
🔹 The Hash Rate Cross: The 30-day hashrate moving average is preparing to cross above the 60-day MA. Miners are plugging their machines back in, signaling the end of an intense 3-month sell-off.
🔹 Deep Value Zone: $BTC is currently trading below its estimated average production cost of $66,000.
🔹 Historical Precedent: The last time $BTC traded below its production cost was in Nov 2022 (the $15.5k macro bottom!). Previous capitulations in 2015, 2018, and 2022 also perfectly marked major market bottoms.
With hashrate and miner confidence rebounding, are we gearing up for the next massive leg up? 🚀
#BitcoinBouncesBack