Crypto Analyst Mikybull Crypto revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on its predictions, the flagship cryptocurrency could enjoy a massive rally that could eventually send its price up to $130,000.
Bitcoin Witnesses ‘Rare’ Buy Signal
Mikybull Crypto Revealed in an X (Formerly Twitter) job that Bitcoin had just witnessed a rare hash ribbon buy signalThe analyst added that an “explosive rally” ensues whenever this happens. Indeed, this is bullish for BTC because hash ribbon The display of a buy signal suggests that the miners’ capitulation may be over or at least has subsided.
The Hash Ribbon indicator tracks the 30-day and 60-day moving averages of BTC’s hash rate. The buy signal usually occurs when the 30-day moving average crosses the 60-day moving average, as this suggests that the worst of the miner capitulation is over and a recovery in hash rate has begun.
Because of Bitcoin Offer they control, miner capitulation is known to have a significant impact on the market and the price of Bitcoin in particular. Bitcoinist reported that these miners sold more than 30,000 BTC in June, leading to significant price drops for the flagship cryptocurrency. Bitcoin Halving This is believed to have caused these miners to capitulate, as their mining rewards were cut in half as they faced rising mining costs and a downward trend in the price of Bitcoin.
However, as the hash ribbon indicator suggests, this selling pressure from BTC miners has significantly diminished, and Bitcoin could enjoy a massive upside from here on out. With this in mind, Mikybull Crypto said his supporters to prepare for a “massive rally” that could send BTC above $100,000 and toward a price target of $130,000, as he had predicted previously predicted.
It is worth mentioning that crypto analyst James Van Straten also recently noted Miner revenues were once again close to their 365-day moving average. The analyst explained that this was another way to gauge whether the miner capitulation was nearly over. The analyst added that Bitcoin would continue to rise once miner revenues could return to the $40 million annual average.
Bitcoin Investors Have No Reason to Panic
Another factor that has caused panic among Bitcoin investors is the potential selling pressure that could result from Mt. Gox Bitcoin Refunds. These concerns may have contributed to the recent price correction that the flagship cryptocurrency experienced after rallying back to $68,000. However, on-chain metrics suggest that these investors have no reason to panic.
Crypto analyst OnChainSchool noted in a recent analysis that there has been a significant increase BTC Withdrawals Kraken after Mt. Gox users started receiving their BTC. The analyst noted that this could be a positive signal as it indicates that these users are choosing to hold rather than sell their crypto tokens.
Ki Young Ju, CEO of Cryptoquant echoed a similar sentiment, declarant that the instant dumping that market participants expected from Mt. Gox creditors did not occur. He also suggested that any price drop Bitcoin may experience is likely due to market sentiment and not Mt. Gox Sale.
Featured image created with Dall.E, chart by Tradingview.com
