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Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs On The Horizon
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Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs On The Horizon

Samuel Edyme
Samuel Edyme
7 months ago
3 mins read
Bitcoin Hash Ribbons Flash ‘Buy’ Signal: Analysts See New Highs on the Horizon

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Bitcoin (BTC) has recently shown renewed strength in its market stance, with positive signals emerging from key market indicators.

This emerging positivity in BTC’s market indicators comes on the heels of the asset seeing a gradual recovery in price over the past weeks.

Earlier today, BTC again came closer to the $70,000 mark with a 24 hour high of $69,217. However, the asset has since retraced with a current trading price of $68,644, up 1.6% in the past 24 hours.

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7 months ago

Bitcoin Hash Ribbons Flash Buy Signal

According to an analysis by CryptoQuant analyst Darkfost, the “Hash Ribbons” indicator has flashed a buy signal, historically aligning with strong long-term performance for BTC. This signal follows an earlier occurrence during the summer, indicating strong prospects for Bitcoin’s growth.

The Hash Ribbons indicator tracks shifts in Bitcoin’s hash rate, an important metric that reflects the overall health of the mining ecosystem.

Bitcoin Hash Ribbons.
Bitcoin Hash Ribbons. | Source: CryptoQuant

As Darkfost explains, this indicator has consistently proven accurate in predicting Bitcoin price rallies, with only one notable exception during the COVID-19 pandemic, creating a unique market disruption.

By analyzing Hash Ribbons chart, Darkfost noted: “This suggests that another BTC rally could potentially occur over the middle-term.”

Miners’ Position Signals Market Optimism

Adding to the bullish outlook, another analyst, Avocado onchain, has pointed out a notable trend in miners’ behavior, which may also contribute to an optimistic price outlook for BTC. Miners play a critical role in Bitcoin’s cyclical market patterns, often influencing price volatility with their buying and selling actions.

According to Avocado, miners tend to hold onto their Bitcoin rather than sell during periods of price stagnation, which can create favorable conditions for a price surge when demand picks up.

Miners Are Betting on a Bitcoin Price Rise

“Historically, when the MPI rebounded from a low, #Bitcoin’s price tended to experience significant increases.” – By @avocado_onchain

Read more 👇https://t.co/aa9bcHN9XJ pic.twitter.com/8PsOQdBMEl

— CryptoQuant.com (@cryptoquant_com) October 28, 2024

The Miner Position Index (MPI) shows that miners still hold onto their Bitcoin with minimal movement toward exchanges, indicating limited selling pressure from these influential market participants.

Historically, a rebound in the MPI has been associated with Bitcoin price increases, suggesting miners are holding onto assets in anticipation of higher prices.

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Create an image for an article with this title: Bitcoin Bullish Outlook Confirmed By Critical Data – STH Overheating?

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7 months ago

Additionally, the block rewards per block—a measure of transaction activity on the network—are increasing, signaling greater activity on the Bitcoin blockchain, which often correlates with price appreciation.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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