The Crypto Market Just Put In a “Reliable Bottom Signal”: Can We Trust It?

“Has the crypto market bottomed?” is the question that has been on the minds of Bitcoin traders over the past weeks; after March 12th’s capitulation event, traders have been divided over this question. Despite the uncertainty, Willy Woo, a prominent on-chain crypto analyst, recently weighed in on this pressing debate, writing that two fundamental metrics are suggesting the bottom has been established.

Key Bitcoin Mining Indicator Suggests Crypto Market Bottom Is In

Utilizing two indicators, the analyst explained that the way in which Bitcoin’s mining ecosystem is developing is indicating this market bottomed in March. Firstly, the Hash Ribbons — moving averages of the hash rate — have started to recover, which is a “reliable bottom signal.” The last time the Hash Ribbons looked similar to as they do now was in December 2019, at the $6,400 bottom, and in December 2018, the $3,150 bottom. Read More...

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