Bitcoin is poised for significant growth as a key on-chain metric indicates the resumption of the bull market, according to the latest update from Capriole Investments. The hash ribbons metric has revealed “enticing” signals, signaling a potential buying opportunity for Bitcoin. Capriole founder Charles Edwards explains that the Bitcoin mining hash rate has decreased since the block subsidy halving in April, which is a normal adjustment for miners. As a result, Bitcoin’s Hash Ribbons have entered a “capitulation” phase, indicating a slowdown. Previous capitulation events have been followed by a prolonged upward trend in Bitcoin’s price. Despite some skepticism surrounding the relevance of hash ribbons, Edwards believes that the current signals indicate that Bitcoin’s price will rise significantly. Other on-chain indicators and macroeconomic conditions also support this bullish outlook. However, readers are advised to conduct their own research before making any investment decisions.
Bitcoin hash ribbons generate initial buy signal since Bitcoin reached $25K