Bitcoin’s Hash Ribbon Signal Indicates Potential Price Surge to $170,000
The Hash Ribbon indicator has generated a "buy" signal for Bitcoin, sparking expectations of a price increase to at least $170,000. Technical analyst Astronomer Zero highlighted historical performance from previous signals since 2020, suggesting significant upside potential.
Key Points
- The Hash Ribbon signal is linked to Bitcoin's network hashrate dynamics.
- Previous instances include:
- A 235% increase post-signal in late 2020, from $18,000 to over $60,000.
- A 59% rise in mid-2021 from $30,000 to near $48,000.
- A 260% surge from below $18,000 in late 2022.
- A 175% rally in mid-2023 reaching the $60,000 area.
- A 100% increase above $100,000 in mid-2024.
- Current Bitcoin price is around $106,873; potential target zone is $160,000–$165,000.
- Historical average movements suggest a minimum increase of approximately 60%, which could push prices toward $170,000.
- The Hash Ribbon employs a mechanical logic based on moving averages of network hashrate to signal market conditions.
- Bitcoin is currently trading at $104,898, down 3.1% in the last 24 hours.
