U.Today – Charles Edwards, a well-known analyst and founder of Capriole Investments fund, has shed light on what may be an important bullish signal for BTC. The Hash Ribbon indicator, which Edward developed in 2019, has just flashed a buy signal on the Bitcoin price chart.
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 hash rate and price recovery. Historically, such signals have been associated with strong long-term investment opportunities.
The latest signal emerged when the 30-day moving average (DMA) of Bitcoin’s hash rate fell below the 60-DMA, a condition that indicates a possible recovery phase following miner capitulations. This pattern has previously led to substantial price increases, reflecting periods when Bitcoin’s price experienced deep discounts but then surged.
What's happening with the price of Bitcoin?
Following Edwards' announcement, the price of Bitcoin has already seen a modest rise, rising by about 1% from $65,780 to $66,400. However, as can be understood from Edwards' opinion, this should be just the beginning for the leading cryptocurrency.
Previously, he forecast a substantial long-term price target for Bitcoin, projecting a potential rise to $300,000, which would represent an increase of almost 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
