• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Key Bitcoin Signal That Preceded 330% Rally to $14,000 Flashes Again

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

If you’ve been on Crypto Twitter, you’ve likely heard the term “miner capitulation” time and time again in reference to Bitcoin.

For those who have been living under a rock, Bitcoin’s drop which began earlier this year led the hash rate of the underlying network to flatline. This trend led the Hash Ribbons, an indicator tracking moving averages of Bitcoin’s hash rate, to see a bearish crossover, resulting in an event known as “miner capitulation.”

Related Reading: Analysis Which Called Bitcoin’s Drop to $6,000s Says 40% Rally Ahead

The previous bearish crossover in the Hash Ribbons was last seen just before the now-infamous crash from $6,000 to $3,000 in late-2018. As such, when this signal appeared late last month, investors feared the worse, claiming that Bitcoin was about to fall off a cliff again.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

And so BTC did, tumbling from $8,200 at the time of the crossover as low of $6,400 just earlier this month.

Though, the outlook for bulls is getting better, with miner capitulation now having ended, boding well for the future of the cryptocurrency market.

Bitcoin Hash Ribbons Signal Buy In Massive Boost to Bulls

A few days prior to Christmas, NewsBTC reported that “recovery,” meaning the end of the miner capitulation phase, has just started on the one-day Bitcoin chart according to the hash Ribbons indicator.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

While this was bullish in and of itself, the Hash Ribbons had not yet signaled a “buy,” which has long been seen as an almost-certain full-on crypto market reversal on a macro scale.

Though according to digital asset manager Charles Edwards, who has popularized the Hash Ribbons and the talk around Bitcoin miner capitulation over recent months, a “buy” is rapidly forming on the Hash Ribbons indicator just a few days after “recovery” was signaled.

A Buy signal is forming on the Hash Ribbons indicator.

? pic.twitter.com/DBLkec46S4

— Charles Edwards (@caprioleio) December 27, 2019

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

This is notable. Previous “buy” signals by the Hash Ribbons came shortly after macro bottoms, followed by fully-fledged bullish reversals. Case in point, the Hash Ribbons printed a “buy” in the middle of January, months before BTC broke from $4,000 to $5,000, which created a domino effect pushing BTC to $14,000 by June, ending a 330% rally from the bottom.

Related Reading: Five Reasons Why Bitcoin Price is Bullish Heading Into 2020

And it isn’t only the end of miner capitulation that has bulls celebrating. According to Scott “The Wolf of All Streets” Melker, BTC’s performance last week has created a very important signal on the weekly chart: a “massive bullish divergence in oversold territory on Stochastic Relative Strength Index.”

Featured Image from Shutterstock
Tags: bitcoincryptocurrencymarketminer capitulationprice
Tweet123Share230ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin

Analysts Predicts Bitcoin Will Plunge Shortly But Suggest Buy Bitcoin

3 hours ago
Bitcoin Bull

Bitcoin Bullish Signal: Whale Exchange Inflows Remain Down

22 hours ago
Bitcoin

Bitcoin Whales Turn Bearish?, What’s In Store For BTC Over The Weekend

2 days ago
This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market

This On-Chain Indicator Suggests Bitcoin Still Only 1/3rd Into Bear Market

2 days ago
bitcoin

Bitcoin Sends Mixed Signals At $23,000, Capped Upside Potential?

2 days ago
bitcoin

Bitcoin Funding Rates Turn Positive, Why The Rally May Not Be Over

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Drive into metaverse: Alibaba and SAIC-backed EV brand IM Motors opens IM Valley to further embrace blockchain tech

August 7, 2022

Gnox (GNOX), Maker (MKR) And Lido DAO (LDO) Show How A Strong Staking Concept Is Mega Bullish

August 7, 2022

DeFi Summer: Uniglo (GLO), Curve DAO (CURVE) and Waves (WAVES) Are Your Best Bet To Accumulate Wealth

August 7, 2022

Gucci Is The First Business To Accept ApeCoin (APE). Is Robo Ape (RBA) Next In Line?

August 6, 2022

Gnox (GNOX) Presale Is Selling Out In Spite Of Volatile Market. Avalanche (AVAX) And Cronos (CRO) Could Bottom This Week

August 6, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.