Charles Edwards believes that the Bitcoin (BTC) hash rate statistics are going to print a 'Buy' indicator very soon. However, we are still in the realm of miners' capitulation.
Last Weeks of Capitulation
According to Mr. Edwards, he is utilizing the forecast techniques designed by another top-notch cryptocurrencies analyst Preston Pysh. These estimations are based on the 'crosses' of moving average graphs, which show Bitcoin (BTC) hash rate statistics.
According to his prediction, the capitulation period that started during the last days of May will end on June 27, 2020.
With the buying momentum needing some time to gain steam, the 'Buy' indicator is based on the hash rate dynamics, which may appear a little bit later.
Due to the cyclic nature of Bitcoin's hash rate swings, situations of this type repeat periodically. Yet, this one may be specific. Mr. Edwards outlined that the accumulation in question looks like the previous one 'for a long time'.
Bullish by All Accounts?
It's interesting that the article that made the crypto community familiar with this methodology was already indicated by Mr. Edwards as a crucial period for buyers.
In his 'Hash Ribbons and Bitcoin Bottoms' thesis (published in November 2019), he clearly concluded:
Miner Capitulation doesn’t happen often, on average just once a year. (...) Suggesting we may see yet another wonderful buying opportunity again in mid-2020.
The predictions of Mr. Edwards have a way to fulfilling themselves. It was Capriole Investments' Founder who masterfully figured out the correlation between stocks and Bitcoin (BTC) during the toughest days of Q1 2020.
He is also the author of the Bitcoin Energy Value, a prediction that describes the progress of energy utilization in Bitcoin (BTC) mining. This prediction suggests that the price target of $100,000 for Bitcoin (BTC) is the target for flagship cryptocurrency between 2025-2026.