Bitcoin Poised for ‘Massive Rally’ as Buy Signal Surfaces for First Time in a Year
BTC price breakout talk returns as the popular hash ribbons indicator goes from “capitulation” to “buy” for the first time in 2024.
Bitcoin Poised for ‘Massive Rally’ as Buy Signal Surfaces for First Time in a Year Bitcoin is poised for a significant surge following a period of miner capitulation, as indicated by the latest hash ribbons data. This indicator, which tracks two moving averages of Bitcoin’s hashrate, has signaled a long-term “buy” opportunity for the first time since mid-May, with Bitcoin’s price now in favorable territory. Historically, when the 30-day moving average of hashrate surpasses its 60-day counterpart, it suggests a turnaround from miner struggles, often leading to substantial price gains for Bitcoin.
Miners play a crucial role in securing Bitcoin’s supply. Historically, “Miner Capitulations” — indicated by the 30-day moving average (DMA) of hash rate — have had significant implications. On July 23, this indicator exited the capitulation phase for the first time in over two months. The last instance was observed in August 2023 when BTC/USD traded below $30,000, as reported by Cointelegraph.
Reacting to this development, prominent trader Mikybull Crypto noted the occurrence of a rare hash ribbon “Buy” signal alongside detailed price analysis.
In a separate post, Mikybull Crypto advised traders to prepare for a substantial rally. According to data from MiningPoolStats, Bitcoin’s hashrate stood at 676 exahashes per second as of July 22nd.\
Bitcoin’s price movement is currently experiencing a pause in its upward momentum on shorter timeframes, following a recovery that briefly pushed the market above $68,000.
