Bitcoin miner 'capitulation' comes as trader sees later 2026 bear-market bottom

Bitcoin miners experienced a period of "capitulation" as profit margins fell to 5%, a situation that typically signals a bottom in the cryptocurrency's bear market. However, the Bitcoin (BTC) price has not yet reached its anticipated bear-market bottom. This downturn for miners is attributed to factors including the halving event, which reduced block rewards by 50%, and increased operational costs. Despite these pressures, some analysts suggest that the current conditions, while challenging, could precede a recovery phase. The hash rate, a measure of the network's computing power, has remained robust, indicating that miners are still actively participating in the network, even with reduced profitability. This resilience suggests that a full capitulation, where a significant number of miners shut down operations, may not be imminent. The market is now looking towards the latter half of 2026 for a potential bear-market bottom, with expectations that macroeconomic factors and adoption trends will play a significant role in Bitcoin's price trajectory.