A historically accurate Bitcoin price metric is sending a bullish signal for the third time this year. The Bitcoin Hash Ribbons, an indicator tracking hashrate trends, is flashing green, prompting experts to suggest buying opportunities at current prices. Miners are showing less selling pressure than in previous years. While profit-taking by large investors occurred following record highs last month, the behavior this time was more measured and nuanced compared to historical cycles.
This latest ‘buy’ signal comes amid new all-time high levels of Bitcoin hashrate.
The Hash Ribbons metric is renowned for accurately predicting long-term price bottoms. This recent ‘buy’ signal is coming with little fanfare, which adds to its significance.
Miners are holding onto a consistent amount of Bitcoin, despite selling pressure from last year’s market downturn. The latest estimates place their Bitcoin reserves at around 1.8 million BTC.
While profit-taking among large investors has occurred following the recent price surge, it’s less dramatic than in previous cycles.
Glassnode research shows a significant shift in how these moves are executed – they’re less ‘euphoric’ as compared to past years.