Bitrabo Editorial
An expert in the crypto space, Mikybull Crypto, has announced the reappearance of a technical signal indicating a buying opportunity for Bitcoin. According to the analyst’s projections, the primary cryptocurrency could witness a significant uptrend that might propel its price to reach as high as $130,000.
Bitcoin’s Uncommon Buy Signal
Mikybull Crypto disclosed in a social media post on X (previously Twitter) that Bitcoin had recently received a rare hash ribbon buy signal. He mentioned that historically, such signals have preceded remarkable price surges. This signal is viewed as positive for Bitcoin, as it implies that miner capitulation could be nearing its end or has substantially eased off.
The hash ribbon indicator monitors the 30-day and 60-day moving averages of Bitcoin’s hash rate. When the 30-day MA crosses above the 60-day MA, a buy signal is generated, indicating the conclusion of miners’ capitulation and the commencement of hash rate recovery.
Miners’ capitulation impacts the market significantly due to their influence over Bitcoin’s supply. Last month, these miners sold more than 30,000 BTC, resulting in substantial price plunges for Bitcoin. The Bitcoin halving event likely triggered this capitulation as mining rewards halved, costs rose, and Bitcoin’s price trended downwards.
As suggested by the hash ribbon indicator, the selling pressure from BTC miners has diminished considerably, paving the way for a potential substantial price increase. Mikybull Crypto advised followers to brace for a substantial rally, projecting Bitcoin to exceed $100,000 and potentially reach $130,000, aligning with his previous forecast.
Calming Investors’ Fears
Concerns among Bitcoin investors have arisen regarding the potential selling pressure from Mt. Gox’s Bitcoin repayments. These fears may have contributed to the recent price correction following Bitcoin’s recovery to around $68,000. Nonetheless, on-chain metrics indicate no cause for alarm among these investors.
OnChainSchool, a crypto analyst, highlighted a notable rise in BTC withdrawals from Kraken following the commencement of Mt. Gox users receiving their BTC. This uptick could signal positive sentiment as users opt to hold onto their crypto assets rather than sell them.
Ki Young Ju, CEO of Cryptoquant, echoed similar sentiments, indicating that the anticipated market sell-off from Mt. Gox’s creditors has not materialized. He suggested that any ongoing price fluctuations in Bitcoin are likely driven by market sentiment rather than Mt. Gox’s selling activities.