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A BITCOIN BULL SIGNAL JUST APPEARED!
As first spotted by a prominent BTC commentator, the Hash Ribbons have just crossed bullish and printed a “buy” for the first time in a number of months.
The Hash Ribbons are an indicator that uses a short-term moving average and a long-term moving average of the hash rate. When the short-term moving average crosses above the long-term moving average, it’s seen as a bullish sign. And when the opposite takes happen, it’s bearish.
The “buy” signal appearing per the Hash Ribbons is extremely notable for Bitcoin bulls.
As the chart below indicates, when the signal formed in 2016, Bitcoin proceeded to rally by over 4,000% in the year and a half that followed.
This has been further corroborated by digital asset investor and analyst Charles Edwards, who noted that each occurrence of the signal has preceded strong rallies in Bitcoin.
The bullish crossover and “buy” signal comes as the crypto mining industry has signaled that it is more healthy than ever.
Cryptocurrency data provider TradeBlock reported last week that the Bitcoin hash rate (seven-day moving average) has hit a new all-time high above 124 exahashes per second.
Bitcoin’s network difficulty will follow suit, according to analyst “PlanB”:
“Despite death spiral FUD, miner capitulation FUD, future manipulation FUD, corona, PlusToken FUD, Tether FUD, whales selling FUD etc… BTC just had its third-best quarterly close ever ($9.1K) and is heading for difficulty ATH Monday (17E12).”
This is bullish for the Bitcoin price, according to Edwards.
Edwards published a price model in December 2019 revealing that the energy consumption levels of the Bitcoin network correspond with price action.
His latest so-called “energy value” analysis implies a rally to $12,800 will take place in the months ahead.
In other trending Bitcoin News today:
Max Keiser On How He Bought BTC For $1 In 2011 And Why Bitcoin Is Like The Mona Lisa
CryptoPotato recently had the chance to interview Bitcoin Pioneer Max Keiser, where he said that his first Bitcoin purchase was in 2011 and compared the asset to one of the most famous artworks in the world – The Mona Lisa.
Talking about the current US and global economic situation, and more specifically, COVID-19’s role in it, Keiser said that the virus is “nature fighting back against the virus of humans.”
He used the personification of the Earth from the Greek Mythology – Gaia – to add to his point, but concluded that he doesn’t “think ultimately she’ll win against the human virus.”
“Like Venezuela, Zimbabwe, and Iran, NASDAQ is higher as confidence in the USD collapses. Safe haven money is seeking shelter in stocks, gold, and Bitcoin.”
Keiser said that he heard about Bitcoin in 2011 and started accumulating at $1 at the time. Keiser noted that BTC’s digital scarcity attracted him the most, as he “invented digital scarcity and commercial prediction markets in 1996. BTC does what my patent does, but with incredible elegance.
It’s the Mona Lisa of money. It’s self-aware, it’s observing us, and it’s channeling God.”
In another recent interview, Keiser asserted that only “gold, silver, and Bitcoin can save you now,” referring to the current events in which world governments are printing a lot of fiat to ease the pain from the COVID-19 pandemic. Now, he doubled-down on his views, saying that “Bitcoin is a safe-haven asset that will rocket higher as fiat money collapses.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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