The Bitcoin price has been moving sideways for weeks. But recently he thwarted an indicator that has seen increases of 5000 percent in the past. The Bitcoin price has recently confirmed a buy signal through the hash ribbon. That could trigger a bullrun.
“Bitcoin: The hash ribbon buy signal has just been confirmed. The post-halving signal is particularly extraordinary. It might take a while for the next one to come. And so the big bull run can begin.” -Charles Edwards
Hash ribbon and bitcoin rate
The hash ribbon is a metric that looks at two moving averages related to the Bitcoin hash rate. It is intended to provide information about the miner’s activity. Depending on the direction in which the indicators intersect, this can either speak for a mining capitulation or an upgrade of the miners. As you can see from a medium post by crypto analyst Edwards, the Bitcoin rate has responded to this signal in the past with an average increase of 5,520 percent.
BTC mining in times of crisis
The BTC network is currently also sending positive signals elsewhere. The moving average of the hash rate over the past seven days has reached a new all-time high. So one can assume for the time being that the miners have recovered from the halving. Ultimately, these are heavily dependent on the Bitcoin price; after all, they have to throw their “mined” BTC onto the market at regular intervals.