July 27, 2024
Bitcoin miner activity says buy
Mathematician Fred Krueger recently said: "I would say, to be conservative 2x. But it could be 4x, 6x, it could be some big number.
There's a lot of reason why, just from a bull market perspective, that we are in a very good position. And it's not the time to take
your chips off the table."
Now here is an article reporting on Bitcoin miner activity. This further reinforces Krueger's Power Laws predictions.
Bitcoin is poised for a significant rally after miners exited their latest capitulation period, according to the hash ribbons indicator.
The hash ribbons, which track the estimated combined processing power miners dedicate to the Bitcoin network, have signaled a long-term
"buy" for the first time since mid-May.
This indicator considers the 30-day moving average and the 60-day moving average of the hashrate.
When the 30-day average rises above the 60-day, it suggests that miners are no longer struggling, generating a historically reliable buy
signal, according to CT.
On July 23, the hash ribbons exited "capitulation" for the first time in over two months. The last exit occurred in August 2023, when
Bitcoin traded at under $30,000. This change suggests a bullish trend, with popular trader Mikybull Crypto predicting an "explosive rally"
based on the signal.
Mikybull Crypto noted:
BTC just witnessed a rare hash ribbon 'Buy' signal.
This indicates that traders should prepare for a substantial price increase, according to CT.
Current raw data from MiningPoolStats shows Bitcoin's hashrate at 676 exahashes per second as of July 22, highlighting the robust processing
power behind the network.