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<p>The post <a href="https://coinpedia.org/news/bitcoins-explosive-rally-imminent-key-indicator-flashes-rare-buy-signal/">Bitcoin’s Explosive Rally Imminent? Key Indicator Flashes Rare Buy Signal</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The past two weeks marked a turning point for Bitcoin, which has shown a spectacular increase in its price. However, this upward trend revives the enthusiasm of investors, who see their digital assets gaining value.&nbsp;</p> 
<p>Meanwhile, the hash ribbons indicator, a crucial tool for predicting <a href="https://coinpedia.org/news/top-crypto-trader-predicts-epic-altcoin-rally-in-coming-months/" target="_blank" rel="noreferrer noopener">Bitcoin price movements</a>, has shifted from a “capitulation” phase to a “buy” signal for the first time in 2024. This change suggests that Bitcoin is poised for an explosive rally, with miners exiting a challenging period.</p> 
<h2 class="wp-block-heading" id="h-hash-ribbons-indicator-a-bullish-shift">Hash Ribbons Indicator: A Bullish Shift</h2> 
<p>The <a href="https://capriole.com/Charts/" target="_blank" rel="noreferrer noopener nofollow">hash ribbons indicator</a> which tracks Bitcoin’s hashrate using two moving averages of both the 30-day and the 60-day suggestion. When the 30-day average falls below the 60-day average, it signals miner struggles and a potential downturn.&nbsp;</p> 
<p>Conversely, when the 30-day average surpasses the 60-day, it generates a reliable “buy” signal, historically leading to significant price increases. This bullish signal has just emerged, marking a potential turning point for Bitcoin’s market performance.</p> 
<h2 class="wp-block-heading" id="h-end-of-miner-capitulation">End of Miner Capitulation</h2> 
<p>As of July 23, the hash ribbons indicator exited its “capitulation” phase, a signal that hasn’t been seen in over two months. The last similar signal in August 2023 preceded a notable rise in Bitcoin’s price from under $30,000.&nbsp;</p> 
<p>According to Charles Edwards, creator of the hash ribbons and founder of Capriole Investments, this shift often corresponds with significant buying opportunities, despite the associated volatility.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <p lang="en" dir="ltr">BREAKING: Hash Ribbon buy signal just fired. <a href="https://t.co/LbeJhieW22">pic.twitter.com/LbeJhieW22</a></p>— Charles Edwards (@caprioleio) <a href="https://twitter.com/caprioleio/status/1815989925990265251?ref_src=twsrc%5Etfw">July 24, 2024</a>
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<p>Meanwhile, Trader Mikybull Crypto has also highlighted the significance of this rare “buy” signal. He predicts that an explosive rally could follow, based on historical patterns.</p> 
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> <br><br>Get ready for a massive rally folks! <a href="https://t.co/4oBDq4D0lO">pic.twitter.com/4oBDq4D0lO</a></p>— Mikybull 
   <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f402.png" alt="🐂" class="wp-smiley" style="height: 1em; max-height: 1em;">Crypto (@MikybullCrypto) <a href="https://twitter.com/MikybullCrypto/status/1816002695787905174?ref_src=twsrc%5Etfw">July 24, 2024</a>
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<p>Current data from MiningPoolStats shows Bitcoin’s hashrate at 652 exahashes per second, reinforcing the optimistic outlook</p> 
<h2 class="wp-block-heading" id="h-ongoing-market-concerns">Ongoing Market Concerns</h2> 
<p>Despite this bullish signal, Bitcoin’s price action remains somewhat volatile. After a brief surge past $68,000, concerns persist due to ongoing payouts to creditors of the defunct <a href="https://coinpedia.org/news/mt-gox-prepares-for-final-creditors-repayment-with-new-bitcoin-transfer/" target="_blank" rel="noreferrer noopener">Mt. Gox exchange</a> and the market’s response to upcoming U.S. spot Ether exchange-traded funds.&nbsp;</p> 
<p>While these factors create uncertainty, the recent shift in the hash ribbons indicator provides a hopeful signal for Bitcoin’s near-term performance.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/price-analysis/eth-price-remains-almost-flat-after-the-etf-launch-when-will-the-eth-price-trigger-fresh-highs/" target="_blank" rel="noreferrer noopener">ETH Price Remains Almost Flat After the ETF Launch: When Will the ETH Price Trigger Fresh Highs?</a></p>

Bitcoin’s Explosive Rally Imminent? Key Indicator Flashes Rare Buy Signal

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