- The Hash Ribbon indicator has just gone off – Charles Edwards
- Bitcoin is at the verge of a great bull run
- What is Hash Ribbon indicator and why are analysts optimistic about it?
Bitcoin News Today – A crypto analysts just pointed out that the Hash Ribbon indicator just went off, and this signals the start of a great bull run for the price of Bitcoin (BTC). Charles Edwards – an executive of a digital asset investment company – just said that a “Hash Ribbon” buy indicator has just gone off. He added that the daily candle close of the price of the digital currency yesterday over $9,250 confirmed it.
Bitcoin Is About to Experience a Great Bull Run
April 25 was the last time the Hash Ribbon indicator went off, then the price of the digital currency was around the $7,500 range. Since then, the digital currency has surged to as high as $10,440, which is an increase of about 39 percent at its highest level in June. He said:
“Bitcoin Hash Ribbons ‘Buy’ signal just confirmed. The post-Halving signal is particularly special. It will probably be a very long time until the next occurs. …and so the great bull run begins.”
Edwards previously said that the Hash Ribbon indicator emerges about once a year. The macro indicator factor of the mining difficulty and hash rate of the BTC blockchain network.
Bitcoin (BTC) Price Today – BTC / USD
Analysts Are Optimistic about Hash Ribbon Indicator
The fundamental theory of the Hash Ribbon indicator is pretty simple. What it means is that the BTC market tends to reach a bottom when miners capitulate. Miners usually capitulate (or sell Bitcoin) when the digital currency becomes too expensive to mine relative to the mining cost. This event often unfolds when the price of the digital currency goes through a heavy correction where it gets close or breaks below the breakeven price of mining. In a thesis Edwards published in October last year, he said:
“Because of the effect of negative sentiment and price action during deep bear markets and times of miner capitulation, the best time to buy Bitcoin is typically somewhere in the middle of the ‘miner capitulation’ period.”
The indicator evaluates potential miner capitulation and market sentiment by using the one and two-month SMA of BTC’s hash rate. The indicator emerged twice this year because of the BTC halving event. In the past, the Hash Ribbon did not show up more than once a year on average.
There are divided sentiments around the Bitcoin market. Some traders are saying that a near term pullback is imminent while others are saying that an extended uptrend is cooking up as investors are accumulating.