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The analyst stated that the surrender phase of bitcoin miners has been completed.

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.”

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, 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.

Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.

Source: Fork Log



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