Turnaround Coming? Worst of Miner Capitulation Could Be Over

Bulletpoints:
1. The worst of miner capitulation could be over, according to CryptoSlate analysis.
2. The Hash Ribbon indicator chart indicates that a switch from negative to positive price momentum is expected.
3. Total supply of BTC currently held in miner wallets has hit roughly 1.8 million BTC.

The year 2022 was a difficult one for Bitcoin holders, with the price dropping by 75% from its all-time high (ATH). This was made even worse by the mining industry, which experienced a dramatic decline in stock prices, with some companies even declaring bankruptcy. However, the worst may be over, according to a recent analysis from CryptoSlate.

The Hash Ribbon indicator chart shows that when the 30-day moving average (MA) crosses the 60-day MA, a switch from negative to positive price momentum is expected. This is usually seen as a good buying opportunity, and it appears that the worst of miner capitulation is almost over as Bitcoin turns bullish and breaks out towards $19,000.

Glassnode data indicates that the total supply of Bitcoin currently held in miner wallets has hit roughly 1.8 million BTC. This is an important sign that the sell pressure from miners is abating, which could be a positive sign for the future of Bitcoin.

Overall, it appears that the worst of miner capitulation could be over. The Hash Ribbon indicator chart has suggested that a switch from negative to positive price momentum is likely, and the total supply of BTC held in miner wallets is also decreasing. This could be a sign that the market is ready to turn around, and that Bitcoin is on its way to a brighter future.