This is on-chain data that shows how high the profits earned by miners are.
This indicator is generally good for finding the bottom of a bear market, but it is also good for anticipating the end of a correction period within a bull market.
The red circled areas are cases where miners' profitability decreases rapidly in a bull cycle and this indicator plummets.
This indicator fell significantly during the bull cycle in 2016 and 2020, followed by the beginning of Bitcoin's strong rise.
in 2024 Currently, similar movements has been detected. Although the exact end of the adjustment period is difficult to be certain, it can be expected that it is not far away.
It is likely that we will see the start of an bull rally within the 3rd quarter of 2024.
Written by Crypto Dan
