Summary
- OnChainMind said a buy signal has been confirmed on the Hash Ribbons on-chain indicator for Bitcoin.
- He said Hash Ribbons buy signals have repeatedly appeared in the past just before strong bull markets, and explained that since July last year the BTC price has risen about 25%.
- Some market analysts emphasize that in the near term, for BTC to shift into a clear uptrend, it is important to hold the $90,000 level firmly.
An analysis suggests that a buy signal has been confirmed on Hash Ribbons, an on-chain indicator that identifies bottom-buying opportunities based on changes in Bitcoin (BTC) hash rate.
According to Cointelegraph, a cryptocurrency-focused media outlet, crypto data analyst OnChainMind said on the 20th (local time), "A Hash Ribbons buy signal appeared during the recovery phase following miners’ capitulation."
He explained, "Hash Ribbons buy signals have repeatedly appeared in the past just ahead of strong bull markets," adding, "After the signal occurred in July last year, the BTC price rose about 25%, from roughly $98,000 to $123,000."
However, some market analysts stress that in the near term, for BTC to shift into a clear uptrend, it is important to hold the $90,000 level firmly.
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