Bitcoin (BTC) on August 14: Hash Ribbons give a buy signal!

After a prolonged phase of consolidation, notable movements seem ready to manifest themselves in the price of BTC. The Hash Ribbon indicator is currently displaying a buy signal, marking the end of the bitcoin (BTC) miners’ capitulation. Could this be the catalyst for the next bull market?

Bitcoin: the miners are back!

Since its annual peak at $31,877, the bitcoin price has fallen by 7%. This period of correction has seen miners capitulate in the face of an unfavourable market situation. However, Hash Ribbons indicates that this phase of Bitcoin (BTC) miner capitulation is coming to an end. This potentially suggests the imminent approach of a rise in the value of this crypto-phare.

#Bitcoin 1D: Le Hash Ribbon signale du 🔵. pic.twitter.com/koPACTXqGr

— CryptoSauce (@CryptoSauceYT) August 13, 2023

Indeed, when examining the daily chart of BTC on TradingView, a blue dot stands out on the indicator. This is a significant buy signal for investors waiting for the next bull market. What’s more, it’s accompanied by the word “buy”.

This same signal appeared on the Bitcoin (BTC) chart on January 14. Following this signal, BTC recorded a 58% rise, reaching its annual peak at $31877. If this situation is repeated, a rise to around $47,000 could be envisaged, as mining activity resumes.

Hash Ribbons, a relevant indicator?

Created by Charles Edwards in 2019, Hash Ribbons is an indicator designed to detect periods of surrender by Bitcoin (BTC) miners. It is based on variations in the daily hash rate.

When miners temporarily suspend operations due to unfavorable market conditions, Hash Ribbons displays a green dot. Conversely, a blue dot indicates the resumption of mining activities.

Ne serait-ce pas le retour de la sainte pastille bleue 🔵 sur le hashribbon #Bitcoin ? 👀 pic.twitter.com/nb5OXwtluD

— CryptoMatrix (@CryptoMatrix2) August 13, 2023

Nevertheless, this indicator fails to identify the price’s lowest point, implying that Bitcoin (BTC) could eventually hit a new low before heading higher again.

For long-term investors, this blue dot could finally mark the long-awaited buy signal for the next bitcoin (BTC) bull run.