U.Today – Charles Edwards, renowned analyst and founder of Capriole Investments fund, shed featherlight on what could be a major bullish signal for BTC. The Hash Ribbon indicator, which Edward developed in 2019, has just given a buy signal on the Bitcoin price chart.
Hash Ribbon, developed in 2019 by Capriole Investments, is a technical indicator that tracks the recovery of Bitcoin’s hashrate following periods of miner capitulation.
The metric identifies key buy signals based on the correlation between hashrate and price recovery. Historically, such signals have been associated with mighty long-term investment opportunities.
The latest signal came when Bitcoin’s 30-day moving average (DMA) hashrate fell below the 60 DMA, indicating a potential recovery phase following a miner capitulation. This pattern has previously led to significant price gains, mirroring periods where Bitcoin’s price experienced enormous declines but then surged higher.
What about the price of Bitcoin?
Following Edwards’ announcement, Bitcoin price has already seen a modest boost, rising by around 1% from $65,780 to $66,400. However, as you can understand from Edwards’ opinion, this should be just the beginning for the major cryptocurrency.
As such, he previously forecast a significant long-term price target for Bitcoin, predicting a potential rise to $300,000, which would represent an boost of almost 500% from current levels.
Overall, the latest Hash Ribbon signal reinforces the positive outlook for BTC, suggesting that the current price fluctuations could be the start of a more significant uptrend.
