I just noticed an interesting pattern in the mining data: one of the longest mining capitulations seems to finally be coming to an end. This usually happens when the overhead costs for miners become unsustainable and many have to shut down or relocate their operations.

Historically, these capitulations often mark a bottom for the BTC price. When miners withdraw, a significant selling pressure from the market also disappears. The overhead costs that miners have borne only become truly noticeable when prices are too low—and if we’re now seeing this end, it could indicate that we’re close to the bottom.

The logic is quite simple: fewer miners active means less BTC supply that needs to be sold on the market immediately, which can be bullish for the price. So this might very well be the moment to pay closer attention to the charts.