Bitcoin ‘Great Bull Run’ Indicator Confirmed, Hash Ribbon Buy Call
The hash ribbon indicator for bitcoin has risen, suggesting a “big bull run” in the price of the cryptocurrency, according to a new analysis by Bitcoin Research Group. The hash ribbon buying signal has ebbed in recent days, with a positive sign for the bitcoin price index, according to a market analyst.
He said he had confirmed the “big bull run” on bitcoin, the world’s largest digital investment market, with a “very strong” buying signal. The last time the hash ribbon indicator appeared was on April 25, when the price of bitcoin reached $7,500, according to CoinDesk data. In recent weeks, BTC has taken in as much as $10,440, a 39% rally since its peak in June. Edwards had previously said the hash ribbon signal occurs about once a year and is a sign of a “big bull run” in the cryptocurrency.
This time, Edwards says, the hash ribbon signal signals the start of a “big bull race” in the bitcoin market. The basic theory of the Hash Ribbon indicator is that bitcoin markets tend to hit bottom when miners capitulate, according to the Bitcoin Foundation.
When Bitcoin becomes too expensive relative to the cost of mining, miners capitulate and sell BTC at a low price, then sell BTC quickly this can happen when the bitcoin price undergoes a sharp correction, approaching or falling below the break-even price for mining. The hash ribbon is likely to occur twice during the 2020 halving, with a peak in the first month and a low in the second month and then a high in the third month.
At the time, the break-even costs of mining after the halving were unclear, and the price of the BTC was uncertain, according to the Bitcoin Foundation. Market sentiment was mixed as the session progressed, with BTC / USD coming back from a single correction in March to $3,600 and then back to around $2,500 in April.
The Hash Ribbon Indicator and Usage
The hash ribbon indicator reappeared on Wednesday when Bitcoin hit a record high – an adjustment with a high degree of difficulty. But the mood in the Bitcoin market remains divided, and the market remains in a state of uncertainty and uncertainty about the currency’s future and direction.
Some traders say a short-term pullback is imminent, while others, like the Bitcoin Foundation’s chief analyst Mark Karpeles, see this as a long-term rally. Others believe that a broad upward trend is brewing by early 2018, as investors pile more and more Bitcoin Cash (BTC) and other cryptocurrencies such as Bitcoin Gold (BCH), Bitcoin Lite (LTC) and Bitcoin Ethereum (ETH). We are in the BTC accumulation phase, “said David Bock, chief analyst at Bitcoin Research Group at BMO Capital Markets.
The Start of a New Bull Run
But moving away from the current $1,000 per BTC level to $2,500 represents downside risk. The average daily trading volume of the major Bitcoin exchanges Bitfinex and Bitstamp reached a record low in May this year, and the average trading volume of the world’s ten most significant transactions is still close to zero.
Analysts are more optimistic than ever about Bitcoin’s future and its potential as a currency. However, the sample size of the indicator, which was previously criticised in the past for its small sample size and lack of data collection methods has a lot of worth now.
Although the index tends to appear every year, there is no indication that it merely follows BTC’s long-term price trend. This may make it more likely that it is only an upward move by the BTC over time, rather than a sign of a long-term trend.
