The Hash Ribbon, developed by Capriole Investments in 2019, is a technical indicator that tracks the recovery of Bitcoin’s hash rate following periods of miner capitulation.
The metric identifies crucial buy signals based on the correlation between the hash rate and price recovery. Historically, such signals have been associated with strong long-term investment opportunities.
The latest signal emerged as the 30-day moving average (DMA) of Bitcoin’s hash rate fell below the 60 DMA, a condition indicating a potential recovery phase after miner capitulations. This pattern has previously led to substantial price increases, reflecting periods when Bitcoin’s price experienced big discounts, but later surged.
Thus, previously, he forecast a substantial long-term price target for Bitcoin, projecting a potential rise to $300,000, which would represent an increase of nearly 500% from current levels.
All in all, this recent signal from the Hash Ribbon adds to the positive outlook for BTC, suggesting that the current price movement could be the start of a more substantial uptrend.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
