Bitcoin's Hash Ribbon indicator shows bullish buy signal, predicting significant price increase

From Investing.com

July 24, 2024 11:30 AM:

Renowned analyst and Capriole Investments founder, Charles Edwards, reveals a major bullish signal for BTC – the Hash Ribbon indicator just flashed a buy signal on Bitcoin’s chart. Developed in 2019, the Hash Ribbon tracks Bitcoin’s hash rate recovery after miner capitulation, signaling strong long-term investment opportunities historically.

Bitcoin’s hash rate and price recovery are closely tied, with the latest Hash Ribbon buy signal triggered as the 30-day moving average fell below the 60 DMA. This pattern has led to significant price increases in the past, with Bitcoin’s price already showing a 1% rise after the announcement, painting a positive outlook for a potential substantial uptrend.

Charles Edwards predicts a long-term price target of $300,000 for Bitcoin, suggesting a 500% increase from the current levels. The Hash Ribbon buy signal adds to the positive outlook, indicating that the current price movement is just the beginning of a more significant uptrend for the main cryptocurrency.

Read more at Investing.com: Bitcoin Receives Breaking Bullish Buy Signal From Crucial Indicator By U.Today