HomeBTC UpdatesBitcoin hash ribbons signal first buy since $25K BTC price surge

Bitcoin hash ribbons signal first buy since $25K BTC price surge

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Bitcoin Hash Ribbons Signal Bull Run Resumption: Capriole Investments

Bitcoin is poised to surge even higher as a classic on-chain metric signals the resumption of the bull run. Capriole Investments, a quantitative Bitcoin and digital asset fund, recently highlighted promising signals from the hash ribbons metric in its latest update on June 4.

The hash ribbons metric, which measures the 60-day moving average of hash rate against its 30-day equivalent, has dropped into a new “capitulation” phase. This phase typically signals a slowdown in mining activity and is seen as a classic buy signal for Bitcoin.

Charles Edwards, the founder of Capriole Investments, emphasized the significance of the hash ribbons signal, stating, “Hash Ribbons is back. Perhaps the best long-term Bitcoin buy signal there is, Hash Ribbons is now tempting us with the current Miner Capitulation which started two weeks ago.”

The last capitulation event occurred in August 2023, when Bitcoin was trading around $25,000. Despite some skepticism surrounding the relevance of the metric, historical data suggests that it has significant predictive power.

In addition to the hash ribbons signal, other on-chain indicators are also pointing towards a bullish trend for Bitcoin. Analysts believe that a post-halving reaccumulation phase is currently underway, which typically leads to further upside movement.

Overall, geopolitical and macroeconomic conditions are also favorable for cryptocurrencies, further supporting the case for a potential surge in Bitcoin’s price. While it may take some time for the next impulse up, the data suggests that Bitcoin is poised to go “a lot higher” in the near future.

As always, it’s important to conduct your own research and exercise caution when making investment decisions in the volatile cryptocurrency market.

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