USD

AED

AFN

ALL

AMD

ANG

AOA

ARS

AUD

AWG

AZN

BAM

BBD

BDT

BGN

BHD

BIF

BMD

BND

BOB

BRL

BTN

BWP

BYN

BZD

CAD

CDF

CHF

CLF

CLP

CNH

CNY

COP

CRC

CUC

CUP

CVE

CZK

DJF

DKK

DOP

DZD

EGP

ERN

ETB

EUR

FJD

FKP

GBP

GEL

GHS

GIP

GMD

GNF

GTQ

GYD

HKD

HNL

HRK

HTG

HUF

IDR

ILS

IMP

INR

ISK

JMD

JOD

JPY

KES

KGS

KHR

KMF

KPW

KRW

KWD

KYD

KZT

LAK

LBP

LKR

LRD

LSL

LYD

MAD

MDL

MGA

MKD

MMK

MNT

MOP

MRO

MRU

MUR

MVR

MWK

MXN

MYR

MZN

NAD

NGN

NIO

NOK

NPR

NZD

OMR

PAB

PEN

PGK

PHP

PKR

PLN

PYG

QAR

RON

RSD

RUB

RWF

SAR

SBD

SCR

SDG

SEK

SGD

SHP

SLL

SRD

SSP

STD

STN

SVC

SYP

SZL

THB

TJS

TMT

TND

TOP

TRY

TTD

TWD

TZS

UAH

UGX

UYU

UZS

VES

VND

VUV

WST

ZAR

ZMW

ZWL

NewsBTC 2024-10-29 12:00:57

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

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. Related Reading: Bitcoin Short Positions Face Serious Risk Above $68,500 – Details 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. 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. Related Reading: Bitcoin Bullish Outlook Confirmed By Critical Data – STH Overheating? 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. Featured image created with DALL-E, Chart from TradingView

Related News

XRP Price Prediction For December 22
22 Dec 2024
Cardano Eyes $6 As ADA, DOGE and RBLK Attract Unpr...
22 Dec 2024
Litecoin, HBAR ETFs Speculation Soars – Lunex Gain...
22 Dec 2024
Cardano (ADA) Could Fall 15%, Here’s Why
22 Dec 2024
Forget Chainlink ($LINK): FXGuys ($FXG) Aims for 5...
21 Dec 2024
Cronos and Toncoin Holders Could Transform $100 In...
21 Dec 2024

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.

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

Most Read News

Related News