Originally published on: July 24, 2024
Bitcoin is on the brink of an “explosive rally” as miners exit a capitulation period, signaling a potential price surge in the near future. The hash ribbons indicator recently flashed a long-term “buy” signal for the first time since mid-May, indicating a bullish trend ahead.
Hash ribbons track miners’ processing power dedicated to the network by analyzing two moving averages of hashrate. When the 30-day moving average surpasses its 60-day counterpart, it triggers a reliable buy signal, historically leading to significant price increases for Bitcoin.
The indicator exited the capitulation phase on July 23, marking a significant shift in miner sentiment. Renowned trader Mikybull Crypto expressed optimism, predicting a “massive rally” for Bitcoin in the coming days.
Despite some sell-side concerns, including ongoing payouts to Mt. Gox creditors and market reactions to new Ether exchange-traded funds in the US, Bitcoin’s price action remains resilient. With the hash ribbons signaling a bullish trend, all eyes are on Bitcoin as it gears up for potentially substantial gains.
This article is for informational purposes only and does not constitute investment advice. Readers are encouraged to conduct their own research and exercise caution when making investment decisions. Stay informed with the latest market insights by subscribing to our newsletter for exclusive updates every Monday.