Bitcoin (BTC) traders are celebrating as one of the best-known BTC price metrics finally flipped bullish again.
The popular Hash Ribbon tool, created by quantitative Bitcoin and digital asset fund Capriole Investments, printed a first buy signal in a “macro bullish” event.
Hash Ribbon sparks $100,000 Q2 BTC price target
Bitcoin miners look set to make a comeback as the Hash Ribbon metric marks the end of their latest “capitulation” phase.
The Hash Ribbon tracks potential long-term buy opportunities using hashrate; when miner profitability is at risk and network participants retire, this forms the capitulation which in turn leads to long-term price reversals.
These are monitored using two moving averages of hashrate: the 30-day and 60-day. Capitulations correspond to the former crossing below the latter, while the reverse is true for buy signals.
According to data from <a data-ct-non-breakable="null" href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.."