Just been looking at the miner metrics and there's something interesting happening with the hash rate recovery. Basically, when miners start coming back online after getting squeezed out, that's usually a pretty solid market signal. We're seeing that crossover moment where the 30-day average is about to flip above the 60-day—historically that's marked some pretty important bottoms.

There's this pattern that keeps repeating: when mining becomes unprofitable and the less efficient operations shut down, you get this capitulation phase. Then miners start recovering, hash rate bounces back. Looking back at bitcoin price December 2022, we had a similar setup—miners were under serious pressure, BTC was trading way below production costs, and that's when we saw the major bottom around $15,500. Fast forward to now and the dynamics feel familiar. Bitcoin is currently trading below the estimated $66,000 production cost, and we're seeing miners gain confidence again.

The interesting part is that this pattern has repeated roughly 20 times since 2011, and most of them coincided with local or major bottoms. If history rhymes here, we could be looking at something similar to what we saw in December 2022. Not saying it's guaranteed, but the hash rate signal is worth paying attention to.