Bitcoin Price Prints Rare Buy Signal With 84% Win Rate, $80,000 Coming?
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After rising over 28% in 16 days, Bitcoin faced resistance at $68,500. Despite a slight pullback, Charles Edwards from Capriole Investments suggests bullish momentum will continue due to a rare 'buy' signal from hash ribbons, which have an 84% accuracy rate.
These hash ribbons indicate major price bottoms by analyzing the Bitcoin hash rate and market price, signaling a recovery phase after miner capitulation. The 30-day and 60-day moving averages' crossover triggers the 'buy' signal.
Analyst Jelle suggests the next phase of Bitcoin's price expansion, potentially reaching $80,000, aligns with technical targets, including the 1.272 Fibonacci extension at $79,337. To reach a new high, Bitcoin must secure key Fibonacci levels, starting at $65,943.
The hash ribbons have appeared 19 times, marking Bitcoin's macro low 16 times. However, risks remain as technical indicators are not foolproof. BTC was trading at $66,403 at press time.
Fuente: www.newsbtc.com ↗
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