In an encouraging development for bitcoin investors, the Hash Ribbons Indicator, a notable market indicator, has flashed a potential buy signal, sparking optimism around the largest cryptocurrency asset. As a result, TOBTC, a trading platform and analyst, has x.com/_TOBTC/status/1816077996966699056″ target=”_blank” rel=”noopener nofollow”>foretold that bitcoin could be preparing to witness an explosive rally, due to the importance of the indicator.
bitcoin Hash Rate Finally Signals Buying in 2024
It is worth noting that bitcoin hash-ribs show the hash rate and price recovery following miner capitulations, which have historically produced powerful long-term buy signals. This indicator, which uses moving averages of btc Hash Rate Identifying the best times to buy has a history of accurately predicting significant price gains, which motivated the analyst's bold prediction.
According to the platform, bitcoin is on the verge of a major rally as the current Ribbon hash indicator's buy signal marks the first time in 2024, suggesting the end of mining capitulationThis signal was detected for the first time since mid-May, suggesting that the bitcoin price is currently in the long-term buy zone.
The analyst noted that the indicator, which monitors the 30-day and 60-day moving averages of the hashrate, implies that a significant increase in the btc price could soon occur. Since the hash-ribs are currently flashing a buy signal, it appears that the 30-day moving average has risen above the 60-day one, which is historically considered a bullish signal for the btc price.
TOBTC further noted that following a rally to the $68,000 level, btc price action is now erratic, despite concerns over Mt. Gox payments and acceptance of the US currency. ethereum Exchange Traded Funds (ETFs)Mt. Gox has finally concluded its repayment procedures as Kraken, responsible for distributing funds to creditors, successfully carried out the operation on Tuesday.
“Kraken has successfully distributed bitcoin and bitcoin Cash from the Mt. Gox estate to creditors,” said David Ripley, CEO of Kraken. x.com/DavidLRipley/status/1815880303254323603″ target=”_blank” rel=”noopener nofollow”>fixedHe then praised the Mt. Gox administrator for choosing Kraken more than a decade ago as the sole exchange to distribute funds to creditors.
Mt. Gox creditors choose to hold btc instead of selling
Prior to the Mt. Gox payments, there was a lot of speculation within the cryptocurrency industry about the negative impact the proceedings would have on the price of btc. This is due to the idea that once creditors are paid, most of them will look to sell their assets. bitcoinwhich would lead to a notable drop in the price of the crypto asset. However, after payments were finally made on Tuesday, it was observed that users were actually choosing to hold onto their btc rather than getting rid of them.
x.com/cryptoquant_com/status/1816049879518482895″ target=”_blank” rel=”noopener nofollow”>Data Leading on-chain analytics provider CryptoQuant’s report shows a significant spike in btc withdrawals from Kraken following the start of payments to affected Mt.Gox customers. According to the platform, this is a good sign as users are transferring their assets from the exchange to cold wallets and not selling.
Featured image from iStock, chart from Tradingview.com