In an encouraging development for Bitcoin investors, the ticker tapes indicator, a prominent market indicator, has shown a potential buy signal, sparking optimism about the largest crypto asset. As a result, TOBTC, a trading platform and analyst, sold 10… And expect Bitcoin is expected to see a huge surge, due to the importance of the indicator.
Bitcoin Hash Ribbons Indicator Finally Points to Buy in 2024
It is worth noting that Bitcoin hash bars show the hash rate and price recovery after miners capitulate, which have historically produced strong long-term buy signals. This indicator, which uses moving averages of Bitcoin Hash Rate Pinpointing the best times to buy has a proven track record of accurately predicting huge price gains, which led the analyst to make this bold prediction.
According to the platform, Bitcoin is set to see a massive surge as the current ticker indicator buy signal is pointing to the first time in 2024, signaling the end of Miners surrenderThis signal was first observed since mid-May, indicating that Bitcoin price is currently in a long-term buy zone.
The analyst noted that the indicator, which monitors the 30-day and 60-day moving averages of the hash rate, suggests that a significant rise in the price of Bitcoin could be imminent. With the hash bars currently showing a buy signal, the 30-day moving average appears to have risen above the 60-day moving average, which is historically considered a bullish sign for the price of Bitcoin.
TOBTC also noted that after bouncing back to the $68,000 level, BTC price action is now erratic, despite concerns over Mt. Gox payments and U.S. acceptance. Ethereum Exchange Traded Funds (ETFs)Mt. Gox has finally completed its debt repayment process, with Kraken, the company responsible for distributing the funds to creditors, successfully executing the process on Tuesday.
“Kraken has successfully distributed Bitcoin and Bitcoin Cash from Mt. Gox to creditors,” said David Ripley, CEO of Kraken. advertiserHe then thanked Mt. Gox’s trustee for choosing Kraken more than a decade ago as the sole exchange to distribute funds to creditors.
Mt. Gox Creditors Choose to Hold BTC Instead of Selling
Prior to the Mt. Gox payouts, there was a great deal of speculation within the cryptocurrency industry regarding the negative impact the actions would have on the price of BTC. This is due to the idea that once creditors are paid, most of them will look to sell their assets. Bitcoinwhich could have led to a significant drop in the price of the crypto asset. However, after the payments were finally made on Tuesday, it was noted that users actually chose to hold onto their bitcoins rather than dump them.
Data Data from leading on-chain analytics provider CryptoQuant has shown a significant spike in BTC withdrawals from Kraken after payments to affected Mt.Gox customers began. According to the platform, this is a good sign as users are moving their assets from the exchange to cold wallets and not selling them.
Featured image by iStock, chart by Tradingview.com