We will compare, post halving price 2016 with 2020
Sometimes we must look back to estimate possible price movements
Let's see
5 days ago I announced that the Hash Rate indicator announced a new mining capitulation after halving and I did a deep analysis
Today we see that the Hash Rate indicator continues to fall
graphic source: https://www.blockchain.com/en/charts/hash-rate
As we are seeing in this mining capitulation, it is not the product of a significant new drop in the price of Bitcoin, but as a consequence of Halving, as it happened in 2016.
Graphic 2016
As we see in the 2016 graph, the price corrects according to where we consider the previous maximum, a:
Graphic 2020
Applying these corrections from 2016 to 2020 and adjusting to previous candles before halving
We obtain the following corrections
Now as we see in 2016, the Mining Capitulation lasts 21 days but the Bitcoin prices reach their minimum correction in their 2 day at $ 480 dollars.
This may be because the costs of mining bitcoin increase after Halving and, as I explained in previous posts, the same has to happen now, prices must be adjusted at least to equilibrium prices that allow miners to continue mining Bitcoin and maintain the secure network. Adjusting the difficulty tends to achieve that balance but in the medium term.
Time tic .. tac ...
As long as the Hash rate indicates downward values, the difficulty of the network must correct to balance these values.
In 2016, after this correction, the price begins its bullish cycle, and the Hash Ribbons does not indicate another good point of purchase, in its bitcoin bullish cycle up to $ 20,000 dollars.
What do you think will be the last mining capitulation announced by the Hash Ribbons or Bitcoin indicator will continue to decline due to problems in the world economy.?
What you think?
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