In an encouraging development for Bitcoin investors, the hash rate ribbons indicator, a notable market indicator, has flashed a potential buy signal, sparking optimism around the largest cryptocurrency asset. As a result, TOBTC, a trading platform and analyst, has predicted that Bitcoin could be preparing to witness an explosive rally, given the importance of the indicator.
Bitcoin Hash Ribbons Indicator Finally Signals a Buy in 2024
It is worth noting that Bitcoin hash ribbons show hash rate and price recovery after miner capitulations, which have historically produced strong long-term buy signals. This indicator, which uses moving averages of BTC hash rate Identifying the best times to buy has a history of accurately predicting large price gains, prompting the analyst to make bold predictions.
According to the platform, Bitcoin is poised for a massive rally as the current buy signal from the hash ribbon indicator marks the first time in 2024, suggesting the end of capitulation of the minersThis signal was noticed for the first time since mid-May, suggesting that Bitcoin price is currently in the long-term buy zone.
The analyst noted that the indicator, which monitors the 30-day and 60-day moving averages of the hash rate, implies that a significant surge in BTC price could occur soon. With the hash ribbons currently displaying a buy signal, it appears that the 30-day moving average has crossed above the 60-day moving average, which is historically considered a bullish sign for BTC price.
TOBTC also highlighted that after a rebound to the $68,000 level, BTC price action is now erratic, despite concerns over Mt. Gox payments and the acceptance of the US dollar. Sopt Ethereum Exchange Traded Funds (ETFs)Mt. Gox has finally concluded its repayment procedures, as Kraken, responsible for distributing the funds to creditors, completed the transaction on Tuesday.
“Kraken has successfully redistributed Bitcoin and Bitcoin Cash from the Mt. Gox estate to creditors,” said David Ripley, Kraken CEO. declaredHe then praised the Mt. Gox trustee for choosing Kraken more than a decade ago as the sole exchange to distribute funds to creditors.
Mt. Gox Creditors Choose to Hold BTC Rather Than Sell It
Prior to the Mt. Gox payments, there was much speculation within the crypto industry regarding the negative impact the proceedings would have on the price of BTC. This is because of the idea that once the creditors are paid, the majority of them will seek to sell their Bitcoinwhich would lead to a notable drop in the price of the crypto asset. However, after the payments were finally made on Tuesday, it was observed that users were actually choosing to hold on to their BTC rather than giving it up.
Data Data from leading on-chain analytics provider CryptoQuant shows a major spike in BTC withdrawals from Kraken after it began paying out affected Mt. Gox customers. According to the platform, this is a good sign as users are moving their assets from the exchange to cold wallets and not selling.
Featured image from iStock, chart from Tradingview.com
