Mikybull Cryptocurrency Analyst He revealed the return of a technical indicator that represents a buy signal for Bitcoin. Based on his predictions, the leading cryptocurrency could see a massive surge that could eventually lead to a price increase. Up to $130,000.
Bitcoin Sees ‘Rare’ Buy Signal
Mikybull Crypto Revealed on X (formerly Twitter) mail Bitcoin has just experienced a rare event. ticker tape buy signalThe analyst added that an “explosive rally” would follow whenever this happens. In fact, this is bullish for Bitcoin as retail bar The emergence of a buy signal indicates that the miners’ surrender may have taken place or at least has subsided.
The Hash Bar indicator tracks the 30-day and 60-day averages of Bitcoin’s hash rate. A buy signal typically occurs when the 30-day moving average crosses the 60-day moving average, as this indicates that the worst of the miner capitulation is over and the hash rate recovery has begun.
because of Bitcoin Offer They are in control, and miner capitulation is known to have a huge impact on the market and the price of Bitcoin in particular. Bitcoinist Reported These miners sold more than 30,000 Bitcoins in June, leading to major price crashes for the leading cryptocurrency. Bitcoin halving This is believed to have caused these miners to capitulate as their mining rewards were cut in half while dealing with rising operating costs and a downward trend in the price of Bitcoin.
However, as the ticker indicator indicates, the selling pressure from Bitcoin miners has decreased significantly, and Bitcoin could enjoy a massive upside from here on out. In line with this, Mikybull Crypto Tell His followers are preparing for a “massive rally” that could send BTC above $100,000 and to a $130,000 price target, as it did It was predicted in advance..
It is worth noting that cryptocurrency analyst James Van Straten also Recently noticed Analysts said that miner revenues have once again approached their 365-day moving average. This is another way to gauge whether the miner capitulation is almost over, the analysts explained. Bitcoin will continue to trend upwards once miner revenues are able to reclaim their annual average of $40 million, the analysts added.
There is no reason for panic among Bitcoin investors.
Another factor that has caused panic among Bitcoin investors is the potential selling pressure that could result from Mt. Gox Bitcoin Plugins. These concerns may have contributed to the recent price correction seen by the leading cryptocurrency after it recovered to the $68,000 level. However, on-chain metrics suggest that these investors have no reason to panic.
Cryptocurrency analyst OnChainSchool noted, Final analysis There has been a significant increase in BTC Withdrawals From Kraken after Mt. Gox users started receiving their BTC. The analyst noted that this could be a positive sign as it suggests that these users are choosing to hold onto their cryptocurrency instead of selling it.
Cryptoquant CEO, Ki Young Joo Echoing similar sentiments, statement That market participants who expected an immediate flood from Mt. Gox creditors did not happen. He also suggested that any price decline Bitcoin may experience is likely due to market sentiment rather than Gox Mountain for sale.
Featured image created using Dall.E, chart from Tradingview.com
