Based on data from the Difficulty Band indicator, Charles Edwards, founder of Capriole Investments, concluded that the period of capitulation of bitcoin miners has passed. He says it’s a “great buy signal.”

Buy Hash Ribbon signal!

this #Bitcoin The miner’s capitulation officially ended today, making it the third longest capitulation in history with 71 days.

This capitulation zone was longer than 2021 and just two days shorter than 2018, when the price reached $3.1k. pic.twitter.com/B3mMhKQPls

– Charles Edwards (@caprioleio) 20 August 2022

According to his observations, the final stage of surrender is the third longest in history (71 days). Longer than 2021, but two days shorter than 2018.

Historically, Bitcoin’s miner capitulations have captured massive price drops and have been great buy signals.

Miner capitulations that occurred late cycle (at least 2 years after halving) and after cycle peaks were the most profitable long-term signals (eg 2012, 2015, 2018). pic.twitter.com/5sgcnUffxR

– Charles Edwards (@caprioleio) 20 August 2022

“Historically, capitulations by bitcoin miners have drastically reduced prices and served as great buy signals,” Edwards said.

According to CoinGecko, the first cryptocurrency is trading in the region of $21,330. In the past seven days, the price of digital gold has dropped by 12.7%.

Earlier, Bloomberg strategist Mike McGlone said bitcoin was oversold.

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