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Bitcoin Bull Only Missed Once: Started Flashing Again! - Coin Bulletin
An indicator that has historically been a reliable signal for Bitcoin rallies and has only been wrong once in the past is signaling again
According to on-chain data and analysis platform CryptoQuant analyst, the Hash Ribbons indicator is signaling another buying opportunity for Bitcoin. Looking at historical data, significant price increases in Bitcoin price were seen with each occurrence of this signal.
Hash Ribbons, known for analyzing changes in hash rate on the Bitcoin network, is known for identifying the most suitable entry points for long-term accumulation and medium-term positioning. A CryptoQuant analyst emphasized that this indicator has been historically quite reliable and only once failed during the COVID-19 market crash in 2020.
Is a New Rally Coming for Bitcoin?
According to CryptoQuant analyst, Hash Ribbons has once again signaled a positive message to the market. This suggests that Bitcoin may be preparing for a new upward movement. Although rallies have occurred in the past following this signal, the indicator has been wrong at least once before.
According to CoinGecko data, Bitcoin is trading around $96,208 at the time of writing.