Charles Edwards, the mastermind behind the Bitcoin Hash Ribbons signal and founder of Capriole Investments, has sounded the alarm. The renowned analyst warns that the Hash Ribbons capitulation signal just flashed, a phenomenon that has historically accompanied moments of distress for BTC miners. As outlined by Edwards, Bitcoin’s hash rate had experienced an astonishing and seemingly unsustainable 50% surge in 2023. However, this meteoric rise came to a sudden slowdown, which has led to the Hash Ribbons capitulation signal to appear. Via Twitter, Edwards emphasized that the signal is neither a clear sell signal nor a buy indicator. But it demands prudent risk management until a renewed price rally: We have a Hash Ribbon capitulation. AKA a slowing in Bitcoin’s Hash Rate growth after what has been an incredible (unsustainable) 50% increase in 2023. Hash Ribbons capitulation is not a sell signal, but it’s also not bullish. Risk management warranted until growth resumes. Market analyst Lukasz Wydra corroborates Edwards’ stance, pointing out that the death cross of Bitcoin hash ribbons is a signal of a time of uncert ..
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