Cryptocurrency Analyst Mikybull Crypto revealed the return of a technical indicator that provides a buy signal for Bitcoin. Based on his prediction, the flagship cryptocurrency could enjoy a huge rally that could ultimately push its price higher up to $130,000.
Bitcoin witnesses a ‘occasional’ buy signal
Mikybull Crypto Revealed on X (Formerly Twitter) fasting that Bitcoin just experienced a occasional hash ribbon buy signalThe analyst added that whenever this happens, it is an “explosive rally.” Indeed, this is bullish for BTC, as hash ribbon The appearance of a buy signal suggests that miners may be capitulating or that their sentiment has weakened.
The Hash Ribbon indicator tracks the 30-day and 60-day moving averages of the BTC hash rate. A buy signal usually occurs when the 30-day MA crosses the 60-day MA as this suggests that the worst of the miners’ capitulations are over and that the hash rate recovery has begun.
Due to Bitcoin Supply 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 over 30,000 BTC in June, leading to significant price declines for the flagship cryptocurrency. Bitcoin Halving This is believed to have caused these miners to capitulate as their mining rewards were halved while they were forced to deal with increased operating costs and a drop in the price of Bitcoin.
However, as the hash ribbon indicator suggests, this selling pressure from BTC miners has subsided significantly, and Bitcoin can enjoy a massive escalate from this point on. According to this, Mikybull Crypto he said his supporters to prepare for a “massive rally” that could push BTC above $100,000 and reach a price target of $130,000, as he put it previously predicted.
It is worth mentioning that cryptocurrency analyst James Van Straten also recently noticed that miner revenue has once again approached its 365-day moving average. The analyst explained that this is another way to assess whether miners’ capitulation is coming to an end. The analyst added that Bitcoin will continue to trend upwards as miner revenue regains its annual average of $40 million.
There is no reason for BTC investors to panic
Another factor that has caused panic among Bitcoin investors is the potential selling pressure that could result from Mt. Gox Bitcoin Repayments. These concerns may have contributed to the recent price correction that the flagship cryptocurrency has experienced after reclaiming the $68,000 level. However, on-chain indicators suggest that these investors have no reason to panic.
Cryptocurrency analyst OnChainSchool noted in last analysis that there has been a significant escalate BTC Withdrawals from Kraken after Mt. Gox users began receiving their BTC. The analyst noted that this could be a positive sign as it indicates that these users are deciding to hold on to, rather than sell, their crypto tokens.
Cryptoquant CEO Ki Newborn Ju expressed a similar opinion, stating that the immediate airdrop that market participants expected from Mt. Gox creditors did not happen. He also suggested that any price decline that Bitcoin might experience is likely due to market sentiment rather than Mt. Gox Sales.
Featured image created with Dall.E, chart from Tradingview.com
