The analyst declared the completion of the miners’ surrender period

Capriole Investments founder Charles Edwards dependent on the facts “problems tape” indicator came to the summary that the capitulation period of bitcoin miners has passed. This, he claims, is “a quite good buy signal”.

Hash Ribbon buy sign!

The #Bitcoin the miners’ capitulation officially ended nowadays, creating it the 3rd longest capitulation in history with 71 times.

This capitulation zone was for a longer time than in 2021 and only two times shorter than in 2018, in which the selling price touched $ 3.1,000. pic.twitter.com/B3mMhKQPls

– Charles Edwards (@caprioleio) August 20, 2022

In accordance to him, the very last surrender phase – the 3rd longest in historical past (71 days). It is longer than in 2021, but two times shorter than in 2018.

Historically, Bitcoin miners capitulations have captured crucial value lows and have been excellent get indicators.

Miner capitulations taking place at the finish of the cycle (at minimum 2 years just after halving) and following cycle highs were being the most financially rewarding extended-phrase alerts (e.g. 2012, 2015, 2018). pic.twitter.com/5sgcnUffxR

– Charles Edwards (@caprioleio) August 20, 2022

“Historically, bitcoin miners’ capitulations have set essential value lows and have served as superb get signals,” Edwards mentioned.

At the time of creating, the first cryptocurrency is trading in the location of $ 21,330. In excess of the earlier 7 days, the value of electronic gold has fallen by 12.7%, according to CoinGecko.

Previous Bloomberg strategist Mike McGlone termed oversold bitcoin.