Crypto analyst Mikybull Crypto has recently revealed the return of a technical indicator that represents a buy signal for Bitcoin, indicating a potential massive rally for the flagship cryptocurrency. According to his predictions, Bitcoin’s price could surge as high as $130,000, based on the rare hash ribbon buy signal that was observed. This signal suggests an impending explosive rally for Bitcoin, as it indicates that miners’ capitulation may have ended or at least subsided.
The hash ribbon indicator tracks the 30-day and 60-day moving averages of the BTC hash rate, with the buy signal occurring when the 30-day MA crosses over the 60-day MA. This crossover signals the end of the worst of miners’ capitulation and the beginning of a recovery in the hash rate. Miners’ capitulation, driven by the Bitcoin supply they control, has a significant impact on the market and Bitcoin’s price, as seen in the significant price crashes resulting from miners selling over 30,000 BTC in June.
However, with the hash ribbon indicator flashing a buy signal, the selling pressure from BTC miners has decreased, paving the way for a potential massive rise in Bitcoin’s price. Mikybull Crypto has advised his followers to prepare for a significant rally that could push Bitcoin above $100,000 and towards the $130,000 price target he had previously predicted. Additionally, crypto analyst James Van Straten has noted that miners’ revenue is close to its 365-day moving average, indicating that miner capitulation may be nearing its end.
Concerns have arisen among Bitcoin investors regarding potential selling pressure resulting from Mt. Gox’s Bitcoin repayments, contributing to a recent price correction after Bitcoin reached as high as $68,000. However, on-chain metrics suggest that investors have no reason to panic, as there has been a significant increase in BTC withdrawals from Kraken following Mt. Gox users receiving their BTC. This trend indicates that users are choosing to hodl rather than sell their crypto tokens, a positive sign for Bitcoin’s stability.
Cryptoquant’s CEO Ki Young Ju has also reassured investors, stating that the expected instant dump from Mt. Gox’s creditors did not occur, and any price drop in Bitcoin is likely due to market sentiment rather than Mt. Gox selling. Overall, the indicators and analysis point towards a bullish outlook for Bitcoin, with the potential for a significant rally towards the $130,000 price target as predicted by Mikybull Crypto. Investors are advised to stay informed and monitor market trends to make informed decisions regarding their investments in Bitcoin.
