Bitcoin Mining Capitulation Is Over – Analyst Says March Will Be “Green”
Analyst James Van Straten, commenting on the cryptocurrency markets, announced that the capitulation process among Bitcoin miners has ended. According to Van Straten, as of yesterday, the miner capitulation was completed, lasting approximately three months and becoming the second longest period on record.
Van Straten noted that miner capitulations typically signal bottoming out in terms of price. He said the completion of this three-month period could indicate that the worst period for Bitcoin’s price is behind us.
However, the analyst said that it is necessary to closely monitor how the hashrate will develop following the attacks in the Middle East. Whether geopolitical risks in the region will affect mining operations is important in terms of network security and production dynamics.
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Van Straten questioned whether there was “a new news flow” that could push Bitcoin further down from current price levels. He stated that “Black Monday”-like scenarios, which are sometimes mentioned in the market, are not having a strong impact at the moment.
According to the analyst, Bitcoin generally tends to bottom out within the first 10 days of a month. This pattern was repeated in February, with Bitcoin hitting its bottom on February 6th.
Van Straten stated that the first 10 days of the month could be volatile, but considering historical probabilities, a positive close for March is more likely. He described Bitcoin’s true bottom with the following words:
“Bitcoin typically bottoms out when it doesn’t fall despite bad news, just as it peaks when it doesn’t rise despite good news.”
*This is not investment advice.
Continue Reading: Bitcoin Mining Capitulation Is Over – Analyst Says March Will Be “Green”
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