2024

Bitcoin

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<a href="https://x.com/caprioleio/status/1815989925990265251" rel="noopener noreferrer nofollow">Charles Edwards</a>, a well-known Bitcoin analyst and founder of Capriole Investments fund, has shed light on what may be a major bullish signal for BTC. The Hash Ribbon indicator, which Edward developed in 2019, has just flashed a buy signal on Bitcoin’s price chart.
The Hash Ribbon, developed by Capriole Investments in 2019, is a technical indicator that tracks the recovery of Bitcoin’s hash rate following periods of miner capitulation.&nbsp;
The metric identifies crucial buy signals based on the correlation between the hash rate and price recovery. Historically, such signals have been associated with strong long-term investment opportunities.
<blockquote>
 BREAKING: Hash Ribbon buy signal just fired. <a href="https://t.co/LbeJhieW22" rel="noopener noreferrer nofollow">pic.twitter.com/LbeJhieW22</a>— Charles Edwards (@caprioleio) <a href="https://twitter.com/caprioleio/status/1815989925990265251?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 24, 2024</a>
</blockquote>
The latest signal emerged as the 30-day moving average (DMA) of Bitcoin's hash rate fell below the 60 DMA, a condition indicating a potential recovery phase after miner capitulations. This pattern has previously led to substantial price increases, reflecting periods when&nbsp;<a href="https://u.today/veteran-trader-peter-brandt-breaks-silence-on-bitcoins-btc-value" rel="noopener noreferrer nofollow">Bitcoin’s price</a> experienced big discounts, but later surged.
<h2 dir="ltr" id="what-about-bitcoin-s-price">What about Bitcoin's price?</h2>
Following Edwards' announcement, Bitcoin’s price has already experienced a modest increase, rising approximately 1% from $65,780 to $66,400. However, as can be understood based on Edwards' opinion, this should be just the beginning for the main cryptocurrency.&nbsp;
Thus, previously, he forecast a substantial long-term price target for&nbsp;<a href="https://u.today/bitcoin-fixes-nothing-rich-dad-poor-dad-author-kiyosaki-challenged-by-peter-schiff" rel="noopener noreferrer nofollow">Bitcoin</a>, projecting a potential rise to $300,000, which would represent an increase of nearly 500% from current levels.
All in all, this recent signal from the Hash Ribbon adds to the positive outlook for&nbsp;<a href="https://u.today/peter-schiff-claims-bitcoin-can-easily-collapse-to-3k-if-this-happens" rel="noopener noreferrer nofollow">BTC</a>, suggesting that the current price movement could be the start of a more substantial uptrend.

Bitcoin Receives Breaking Bullish Buy Signal From Crucial Indicator

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