Bitcoin analyst: hash ribbon signal confirms “big bull run”

The hash ribbon indicator is currently swinging. He announces a “big bull run” for the BTC course, as an analyst says.

There is currently a hash ribbon buy signal, according to Charles Edwards, managing director of a digital asset investment company. The daily candle on the Bitcoin rate (BTC) on July 13 closed at over $ 9,250, confirming that, he explained.The last time there was such a signal on Hash Ribbon on April 25 when the Bitcoin price reached $ 7,500. At that time, BTC recovered up to $ 10,440 and rose 39 percent through June.

Edwards said:

“Bitcoin Hash Ribbons ‘buy’ signal has just been confirmed. This signal after halving is very special. It will likely be a long time before the next one comes … and so the big bull run begins.”

 

Earlier, Edwards said the hash ribbon signal occurs about once a year. The macro indicator takes into account the hash rate and mining difficulties of the Bitcoin blockchain network.

 

What is the hash ribbon indicator and why are analysts optimistic?

The basic theory with the hash ribbon indicator is that the bitcoin market tends to bottom when the miners surrender.Miners often surrender or sell BTC when bitcoin mining becomes too expensive in relation to the cost of the mining. This usually happens when the Bitcoin price falls in a strong correction, as it approaches the mining profit threshold or falls below it.