Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs On The Horizon
29 Outubro 2024 - 9:00AM
NEWSBTC
Bitcoin (BTC) has recently shown renewed strength in its market
stance, with positive signals emerging from key market indicators.
This emerging positivity in BTC’s market indicators comes on the
heels of the asset seeing a gradual recovery in price over the past
weeks. Earlier today, BTC again came closer to the $70,000 mark
with a 24 hour high of $69,217. However, the asset has since
retraced with a current trading price of $68,644, up 1.6% in the
past 24 hours. Related Reading: Bitcoin Short Positions Face
Serious Risk Above $68,500 – Details Bitcoin Hash Ribbons Flash Buy
Signal According to an analysis by CryptoQuant analyst Darkfost,
the “Hash Ribbons” indicator has flashed a buy signal, historically
aligning with strong long-term performance for BTC. This signal
follows an earlier occurrence during the summer, indicating strong
prospects for Bitcoin’s growth. The Hash Ribbons indicator tracks
shifts in Bitcoin’s hash rate, an important metric that reflects
the overall health of the mining ecosystem. As Darkfost explains,
this indicator has consistently proven accurate in predicting
Bitcoin price rallies, with only one notable exception during the
COVID-19 pandemic, creating a unique market disruption. By
analyzing Hash Ribbons chart, Darkfost noted: “This suggests that
another BTC rally could potentially occur over the middle-term.”
Miners’ Position Signals Market Optimism Adding to the bullish
outlook, another analyst, Avocado onchain, has pointed out a
notable trend in miners’ behavior, which may also contribute to an
optimistic price outlook for BTC. Miners play a critical role in
Bitcoin’s cyclical market patterns, often influencing price
volatility with their buying and selling actions. According to
Avocado, miners tend to hold onto their Bitcoin rather than sell
during periods of price stagnation, which can create favorable
conditions for a price surge when demand picks up. Miners Are
Betting on a Bitcoin Price Rise “Historically, when the MPI
rebounded from a low, #Bitcoin’s price tended to experience
significant increases.” – By @avocado_onchain Read more
👇https://t.co/aa9bcHN9XJ pic.twitter.com/8PsOQdBMEl —
CryptoQuant.com (@cryptoquant_com) October 28, 2024 The Miner
Position Index (MPI) shows that miners still hold onto their
Bitcoin with minimal movement toward exchanges, indicating limited
selling pressure from these influential market participants.
Historically, a rebound in the MPI has been associated with Bitcoin
price increases, suggesting miners are holding onto assets in
anticipation of higher prices. Related Reading: Bitcoin Bullish
Outlook Confirmed By Critical Data – STH Overheating? Additionally,
the block rewards per block—a measure of transaction activity on
the network—are increasing, signaling greater activity on the
Bitcoin blockchain, which often correlates with price appreciation.
Featured image created with DALL-E, Chart from TradingView
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