“Bitcoin‘s Big Wake-Up Call: Is This the Ultimate Buy Signal?”
Well, darling, it seems the Bitcoin community is all aflutter over the latest development: the Hash Ribbon indicator has flashed a bullish signal, and everyone’s going wild!
The Hash Ribbon, you see, is a rather clever on-chain metric created by Charles Edwards, a chap who knows his stuff. It uses two moving averages (30-day and 60-day, naturally) to determine when those pesky miners have had enough of their troubles and are ready to recover. And, sweetie, when the 30-day MA crosses above the 60-day MA, it’s like a big fat “buy” signal waving in the air, shouting “Come and get it, darling!”
Now, I know what you’re thinking: “Hasn’t this happened before?” And, darling, yes, it has! In 2011-2012, during the depths of the 2014-2015 bear market, and even around that dreadful $3k bottom in late 2018-early 2019. But, of course, it’s not infallible, is it? I mean, who needs infallibility when you’re talking about Bitcoin?
Popular commentator Bitcoin Archive, bless his heart, posted a rather excited message: “BITCOIN HASH-RIBBON FLASHES BUY SIGNAL – This is one of the most reliable ‘buy’ indicators. Significant price gains have followed 7 out of the last 7 times this indicator was triggered.” And, wouldn’t you know it, Edwards himself retweeted it, because, you know, endorsements are everything in this world.
But, of course, not everyone is convinced. Jamie Coutts, chief analyst at Real Vision, is cautioning against getting too excited, reminding us that on-chain activity remains sluggish, even as the Hash Ribbon flashes its bright lights. “The widely watched Bitcoin Hash Ribbon signal just fired. While on-chain activity remains sluggish, the metrics with the strongest historical correlation to future price performance are flashing green.” Ah, but what’s a little green when you’re talking about Bitcoin, darling?
And then, there’s Tony Severino, a Chartered Market Technician (CMT) and Head of Research at NewsBTC, who’s been known to change his tune from time to time. He’s recently shifted from bullish to bearish, citing that Bitcoin’s price action and on-chain metrics no longer support those rosy narratives. “The idea that Bitcoin HAS to reach past extremes on indicators is a dangerous way of thinking. Higher highs in price and lower highs on an oscillator is a bearish signal.” Oh, Tony, you’re such a party pooper!
At press time, BTC traded at $87,373. And, darling, that’s all I have to say about that. 🤑💸
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2025-03-28 01:18