Crypto
analyst
Mikybull
Crypto

has
revealed
the
return
of
a
technical
indicator
that
represents
a
buy
signal
for
Bitcoin.
Based
on
his
predictions,
the
flagship
crypto
could
enjoy
a
massive
rally
that
could
eventually
send
its
price

as
high
as
$130,000.

Bitcoin
Witnesses
“Rare”
Buy
Signal

Mikybull
Crypto
revealed
in
an
X
(formerly
Twitter)

post

that
Bitcoin
had
just
witnessed
a
rare

hash
ribbon
buy
signal.
The
analyst
added
that
“an
explosive
rally”
follows
whenever
this
happens.
Indeed,
this
is
bullish
for
BTC
as
the

 

hash
ribbon

flashing
a
buy
signal
suggests
that
miners’
capitulation
might
be
done
or
at
least
has
cooled
off. 

The
hash
ribbon
indicator
tracks
the
BTC
hash
rate’s
30-day
and
60-day
moving
averages.
The
buy
signal
usually
occurs
when
the
30-day
MA
crosses
over
the
60-day
MA,
as
this
suggests
that
the
worst
of
the
miners’
capitulation
is
over
and
that
a
recovery
in
the
hash
rate
has
begun. 

Due
to
the

Bitcoin
supply

they
control,
miners’
capitulation
is
known
to
significantly
impact
the
market
and
Bitcoin’s
price
specifically.
Bitcoinist

reported

that
these
miners
sold
over
30,000
BTC
in
June,
which
led
to
significant
price
crashes
for
the
flagship
crypto.
The

Bitcoin
halving

is
believed
to
have
caused
these
miners
to
capitulate
as
their
mining
rewards
were
cut
in
half
while
dealing
with
rising
operation
costs
and
a
downtrend
in
Bitcoin’s
price. 

However,
as
the
hash
ribbon
indicator
suggests,
this
selling
pressure
from
BTC
miners
has
significantly
declined,
and
Bitcoin
could
enjoy
a
massive
rise
from
here
on.
In
line
with
this,
Mikybull
Crypto

 

told

his
followers
to
get
ready
for
a
“massive
rally”
that
could
send
BTC
above
$100,000
and
to
a
price
target
of
$130,000,
as
he
had

previously
predicted.  

It
is
worth
mentioning
that
crypto
analyst
James
Van
Straten
also

recently
noted

that
miners’
revenue
was
again
close
to
its
365-day
moving
average.
The
analyst
explained
that
this
was
another
way
to
gauge
if
miner
capitulation
was
almost
over.
The
analyst
added
that
Bitcoin
would
continue
to
trend
higher
once
miners’
revenue
can
reclaim
the
$40
million
yearly
average. 

No
Reason
For
BTC’s
Investors
To
Panic

Another
factor
that
has
caused
Bitcoin’s
investors
to
panic
is
the
potential
selling
pressure
that
could
result
from

Mt.
Gox’s
Bitcoin
repayments.

These
concerns
may
have
contributed
to
the
recent
price
correction
that
the
flagship
crypto
experienced
after
recovering
as
high
as
$68,000.
However,
on-chain
metrics
suggest
these
investors
have
no
reason
to
panic. 

Crypto
analyst
OnChainSchool
noted
in
a

recent
analysis

that
there
has
been
a
significant
increase
in

BTC
withdrawals

from
Kraken
after
Mt.
Gox
users
began
receiving
their
BTC.
The
analyst
noted
that
this
could
be
a
positive
signal
as
it
indicates
that
these
users
are
choosing
to
hold
rather
than
sell
their
crypto
tokens. 

 

Cryptoquant’s
CEO
Ki
Young
Ju

echoed
a
similar
sentiment,

stating

that
the
instant
dump
market
participants
expected
from
Mt.
Gox’s
creditors
didn’t
occur.
He
also
suggested
that
any
price
drop
that
Bitcoin
might
be
experiencing
is
likely
due
to
market
sentiment
and
not

Mt.
Gox
selling.

Featured
image
created
with
Dall.E,
chart
from
Tradingview.com

Go to Source
Author: Scott Matherson

Recommended Crypto Services, Products and Strategies: