1. Bitcoin continuing to dump. Almost 800 BTC has been traded in the last hour. Here are my thoughts this morning:
2. Miners will continue to be under stress in the meantime. Miner's reserve has taken a huge hit, meaning they are starting to sell heavy.
3. The Puell multiple which shows miner's revenue, is already in the green zone. This signifies that miner's revenues are significantly lower than the average.
4. It will continue to descend lower but this 3rd capitulation event will be short lived. The 2018 bear market final dump only lasted 1 month and we could see something similar here. bitcoin
5. If you like this thread, please check out my youtube where I cover this points and more in depth:
crypto bitcoin btc cryptocurrenciesthis twitter thread.