This metric can be used to spot relative bottom points in the market price of Bitcoin and signal potential accumulation opportunities.
The Bitcoin hashrate drawdown, a metric that measures dips in the relative computing power of the Bitcoin network, has dropped to levels not seen since December 2022—directly following the collapse of FTX during the depths of the previous bear market. According to data from CryptoQuant, the True Bitcoin Hashrate Drawdown now stands at -7.6%, indicating a potential price bottom for the decentralized asset.
Over the last several weeks, several indicators suggested that miners are beginning to capitulate, signaling potential buying opportunities for Bitcoin (Hash ribbons measure the network’s hashrate by comparing the 60-day moving average of the Bitcoin hashrate against a 30-day average. When the 30-day average sinks below the 60-day average it indicates a relative decrease in hash power.
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