As hash rate continues to consolidate, forming a sort of symmetrical triangle, the 30 and 60 MAs are getting closer to a bullish cross-over (recovery) as can be seen on the weekly chart
It's taken more than 2 months, but the MA30 is increasingly closer to "successfully" crossing the MA60 in order to confirm a recovery of hash rate and therefore a return to network growth:
Based on the current trajectory of hash rate's MAs, it seems a bullish cross-over could occur in the next week or two, if price is able to maintain above average cost of production.
While thinking this could still take a week or two, this recovery looks like it could occur in the coming days as average mining cost remains low below $20K, while price remains high above $24K, despite hash rate raw values continuing to consolidate. Given this capitulation has lasted for 10 weeks now, I'm not expecting this recovery or future buy signal to be a fake-out, as the capitulation and recovery has lasted long enough now.
