Bitcoin Miner Capitulation at Yearly High Similar to Previous Pre-Bull Runs

Bitcoin Miner Capitulation at Yearly High Similar to Previous Pre-Bull Runs

Time Stamp: August 4, 2023 9:48 AM
Source Node: 2802931
52 seconds ago 1 min read category : News
  1. Bitcoin miner capitulation is at its highest this year despite BTC enjoying a relief rally.
  2. The RSI of Bitcoin is also similar to 2015, as observed by stock-to-flow (S2F) creator PlanB.
  3. Bitcoin is leaning toward a bearish perspective in the short-term scenario.

Bitcoin’s bull cycle may repeat itself again this time around. At least, this is what a couple of data are showing.

For instance, data shows that public miner capitulation is at a yearly high. This is seen in the CryptoQuant chart shared below by Bitcoin News.

For comparison, both institutional and small-time bitcoin miners have been capitulating one year prior to the Bitcoin halving. As shown in the post, the previous months were ‘kind’ to bitcoin miners as the prime cryptocurrency enjoyed a months-long relief rally to recoup the late 2022 losses.

In terms of relative strength index (RSI), BTC is moving akin to 2015, as highlighted by PlanB, the anonymous analyst behind the stock-to-flow (S2F) model.

In the short-term scenario, Bitcoin is leaning toward a bearish perspective. Barely holding on to the $29,000 support level, it may only be a matter of time before the bulls fail to hold the line. 

This particular short-term movement is similar to the previous bull runs leading to the next halving.

In fact, it is possible for BTC to trade lower than $25,000 before this year ends. Some bearish analysts even predict lower levels — this is with the growing institutional adoption of Bitcoin.

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