Bitcoin Price Signal – Another Positive Bull Run?
It is not a secret that nowadays, news and information can affect the market. When it comes to cryptocurrencies, the community is always reacting very fast. The best reactions occur from Twitter, or as many have named it – Crypto Twitter. The recent drop and an instant surge of the Bitcoin price is still the main topic for discussions.
While members of the community try to predict the future price movement, others manipulate the market by creating dreadful terms. For instance, the recent term that makes investors and cryptocurrency hodlers feel the tremor is miner capitulation. In a nutshell, the hash rate of Bitcoin’s network has seen different levels since the beginning of 2019. It made some experts and analysts believe that miners give up and want to perform a sell-off. However, the hash rate indicated new positive numbers, and the Bitcoin price survived by holding the $7k level.
Currently, all cryptocurrency market participants are looking to see what will happen in the first days of 2020.
The Bulls to be Boosted by Bitcoin Hash Ribbons Signal
Now, as the Bitcoin price has survived the ‘miner capitulation’ phase, many traders and analysts changed their direction towards the hash Ribbons indicator. It is worth mentioning that there is no accurate signal for buying. Nonetheless, some gurus of the cryptocurrency trading start to move into that direction.
The first guy to mention such a signal was Charles Edwards, who is a known supporter of the indicator. Moreover, he was one of those to say the miner capitulation as one of the possible ways for the market to change the movement.
Why you have to know about the Hash Ribbons? Recently, the signals to buy Bitcoin, indicated by it, appeared immediately after the price hit bottom, followed by a full-blown bullish reverse. That was the case when the Bitcoin price had hit the $4000 level in January, while the indicator showed the upcoming buy signals. After that was a chain reaction, which pushed the BTC price to $14,000 or a 330% recovery from the market ‘hell.’
Another significant member of the crypto Twitter, Scott Melker, also supported the massive bull run in upcoming days.
The Bitcoin price is making the news, and the rest of the community are following the trends to understand how to redirect their trading activity. Nonetheless, the 2020 year will be exciting for all cryptocurrency enthusiasts.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.