{"id":14072,"date":"2024-06-04T18:13:10","date_gmt":"2024-06-04T15:13:10","guid":{"rendered":"https:\/\/forklog.com\/en\/hash-ribbons-indicator-signals-bitcoin-buying-opportunity\/"},"modified":"2024-06-04T18:13:10","modified_gmt":"2024-06-04T15:13:10","slug":"hash-ribbons-indicator-signals-bitcoin-buying-opportunity","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/hash-ribbons-indicator-signals-bitcoin-buying-opportunity\/","title":{"rendered":"Hash Ribbons Indicator Signals Bitcoin Buying Opportunity"},"content":{"rendered":"<p>The Hash Ribbons indicator is issuing an &#8220;optimal signal&#8221; for purchasing digital gold in the coming weeks, suggesting a renewal of the asset&#8217;s rally, according to Charles Edwards, founder of Capriole Investments.<\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p lang=\"en\" dir=\"ltr\">Hash Ribbons is back. Perhaps the best long-term Bitcoin buy signal there is, Hash Ribbons is now tempting us with a new Miner Capitulation\u2026<\/p>\n<p>Read more in Issue 51: <a href=\"https:\/\/t.co\/cC7SThs2fa\">https:\/\/t.co\/cC7SThs2fa<\/a><\/p>\n<p>\u2014 Capriole Investments (@capriole_fund) <a href=\"https:\/\/twitter.com\/capriole_fund\/status\/1797795689881334025?ref_src=twsrc%5Etfw\">June 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The metric indicates a miner capitulation that began two weeks ago, the expert noted. This is a period when the 30-day moving average of the hash rate falls below the 60-day figure.<\/p>\n<p>According to Edwards, miner capitulation occurs roughly once a year. It is usually associated with operational shutdowns, bankruptcies, acquisitions, or, as in this case, a halving. The halving of the block reward leads to unprofitable equipment being disconnected from the network, causing a drop in the hash rate.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;This is what we are witnessing now. Historically, such periods have overwhelmingly coincided with broader market weakness, volatility, and significant long-term price growth opportunities,&#8221; emphasized the Capriole founder.<\/p>\n<\/blockquote>\n<p>The last miner capitulation was observed in 2023, when Bitcoin was trading around $20,000, Edwards added.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Kapriol-Investments-Obnovlenie-51-Google-Chrome.webp\" alt=\"Kapriol-Investments-Obnovlenie-51-Google-Chrome\" class=\"wp-image-234123\"\/><figcaption class=\"wp-element-caption\">Data: Capriole.<\/figcaption><\/figure>\n<p>From a technical analysis perspective, the first cryptocurrency is in a consolidation phase after reaching a price peak, the expert indicated. If a new growth impulse occurs, the next medium-term target will be $100,000.<\/p>\n<p>However, the situation could reverse if Bitcoin closes the month below $58,000.<\/p>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/Kapriol-Invest.webp\" alt=\"Kapriol-Invest\" class=\"wp-image-234124\"\/><figcaption class=\"wp-element-caption\">Data: Capriole.<\/figcaption><\/figure>\n<p>Several on-chain metrics and macroeconomic factors support the continuation of the Bitcoin rally, Edwards believes. However, as we enter summer, traditionally a quiet period in financial markets, the wait for an upward impulse may be prolonged, he acknowledged.<\/p>\n<p>As reported in late May, CryptoQuant analysts <a href=\"https:\/\/forklog.com\/en\/news\/cryptoquant-predicts-continued-bitcoin-bull-rally\">stated<\/a> that Bitcoin&#8217;s bull rally is not yet over.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Hash Ribbons indicator is issuing an &#8220;optimal signal&#8221; for purchasing digital gold in the coming weeks, suggesting a renewal of the asset&#8217;s rally, according to Charles Edwards, founder of Capriole Investments. Hash Ribbons is back. Perhaps the best long-term Bitcoin buy signal there is, Hash Ribbons is now tempting us with a new Miner [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1145,1138],"class_list":["post-14072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-market-analysis","tag-opinions"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14072","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14072"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14072\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14071"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14072"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14072"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14072"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}