Bitcoin hanging by a thread.
Tether starting to depeg.
Binance facing criminal indictments.
Crypto .com, Nexo, and Kucoin are likely insolvent already.
Things are about to get crazy. Be prepared.
This is by far the most brutal Bitcoin miner capitulation since 2016 and possibly ever. Hash Ribbons capitulation has captured the lowest Bitcoin hash rate reading of 2022 as miners bankrupt and default under the great pressure of squeezed margins globally.
Where do you think the #Bitcoin top will be for the next cycle?
I haven’t fully decided where I stand here. We could get the reversal of diminishing returns.
But my knee jerk reaction is $120k.
Drop your estimates below 👇