Popular cryptocurrency analyst Willy Woo wrote that as if investors answered this question, the bull season could begin and the two main indicators support the rise.
A tale of 2 miner charts. #Bullish
Hash Ribbons recovery (assumes no lower low), a reliable bottom signal, probably some miner capitulation during the crash. They last got culled in Dec 2018, only the strong remain, I don’t expect miners to add more sell pressure from here. pic.twitter.com/t0geqkckjv
– Willy Woo (@woonomic) April 5, 2020
Bitcoin Mining Indicator Shows Crypto Market Is Bottoming
Using two indicators, the analyst explained that the development of the Bitcoin mining ecosystem hit the bottom in March and that the rise will begin soon:
First, moving averages of hash rates began to improve as a “reliable bottom signal”. In the recent voyages with the Hash Ribbons indicator, Bitcoin reached the bottom with a $ 6,400 level in December 2019 and a $ 3,150 level in December 2018.
Second, the Miners’ Energy Ratio, after taking a short break in the “overbought region” during the March collapse, pointed to the “buying area of the relationship between Bitcoin’s market value and energy consumption”. This rate was the last sign of the overbought territory a few months before the previous half, and Bitcoin had a rally that rose 4000% to $ 20,000.
