I don't buy this mining capitulation theory at all:

1/ the March drop wasn't due to miners nor mining difficulty but liquidations in anticipation of a COVID recession

2/ that ribbon indicator is lagging, just like every other indicators it's 20/20 in hindsight but has very little predictive value

3/ I know from a fact that the mining industry is very sophisticated nowadays, miners manage their treasury around events like the halving, they don't just "capitulate" all their Bitcoin after the halving, if anything I'd suspect that boutique miners are already out of the market

4/ we're twelve days post halving, the price of BTC is up and the difficulty is about to go down in a few days due to the drop in hash-rate

This market is driven by sentiment and macro factors, not lagging indicators, if we see a drop I'll doubt it'll be due to difficulty at all, this ship as sailed.

Wait and see