While traders are trying to figure out if Bitcoin has bottomed out, Capriole's Charles Edwards noted that the cryptocurrency is flashing a rare 'ribbon' crossover.
Hash Ribbons coming in hot for another Miner Capitulation.
Currently a 1 week data delay so crossover may have already occured…#Bitcoin pic.twitter.com/uPektFzeJX
– Charles Edwards (@caprioleio) March 14, 2020
"Hash Ribbons getting hot signal the surrendering miners.
The data is currently delayed by 1 week so it's possible crossover happened…"
Historically, it used to be a strong indicator that occurred during miner surrenders and before 'huge' profits.
The index increased most
Follow explain of Edwards, such crossovers occur when Bitcoin mining difficulty (updated every 2 weeks) cannot keep pace with the falling hashrate.
The Hash Ribbons indicator has proven to be a reliable signal to buy bottoms in every major correction. For example, those who bought in January 2019 can earn 285% of the return on investment. Moreover, you could have increased your assets by nearly 7,000% if you purchased BTC in January 2015.
Once the miner surrendered?
With Bitcoin currently trading in the $ 5300 area, many miners are 'screaming' and forced to stop working. Although Edwards predicts the network's hashrate will soon decline as noted above, analyst Mati Greenspan reassured investors that this is an opportunity for new players to enter the market.
However, halving will occur in less than 60 days, so it will most likely lead to a wave of miner surrender because the price of BTC must trade over $ 15,000 for them to break even.
Bitcoin bear is get a chance to show off
Both permabull and permabear fall into the same trap – they do not have enough power. Even if BTC is 50% lower than it was a month ago, some investors still want lower prices to increase their assets.
Satoshi Flipper firmly believes that there is no way the BTC price will go below $ 3,000 because it has bottomed out.
Few months ago, if you were told $ BTC would be $ 5k today, writtend have mortgaged your house and sold the kids.
But now that $ 5k is here, everyone's like oh hell no I'm not buying now Flip, you crazy, tested definitely going $ 3k.
You getting played, the bottom is most likely in.
– Satoshi Flipper (@SatoshiFlipper) March 15, 2020
"A few months ago, if you could Listen to someone say BTC will only 5 leftK today, you can mortgaged their homes and sold their children.
But now That has come true, everyone are all 'on the ground'. They say I do not buy now, Flip. You're crazy, will definitely cost 3K dollars.
The bottom is formed ".
Bitcoin reached a low in 2020 at $ 3,800 after collapsing 52% within 24 hours.
Bitcoin bulls are fools
According to SilkTrader analyst, those who believe that the worst that happened happened are simply 'fools'. He predicts BTC will continue to fall another 40% to fill the CME gap at $ 3,100.
With the CME gap at 3.1K, I am still bearish on #Bitcoin!
We will be dropping another 40% from the current range!
Don't listen to fools telling you to buy in now, we haven't even come close to bottoming out yet! pic.twitter.com/SBfa1bI9nB
– SinkTrader (@SinkTrader) March 15, 2020
“With approx empty CME at level 3.first00 dollarsI am still discounting on Bitcoin!
They will be reduced by another 40% from the current range!
Do not Listen to the fools to buy now, even BTC not close yet bottoming!"
Meanwhile, Michael van de Poppe believes BTC could skyrocket to $ 6,100 after holding above $ 5,100.
Well, Bitcoin held the $ 5,000 level for support and is still range-bound.
I noted we could have a liquidity test around $ 6,100 from here.
All I know as well, next week is going to be a rollercoaster.
And I hope governments make decisions in a strict and fast way.$ BTC
– Crypto Michaël (@CryptoMichNL) March 15, 2020
“Yes, Bitcoin holds $ 5,000 to support and remains range bound.
I suppose it is possible kiểm TRA about $ 6,100 liquidity from here.
All I know: Tnext will be trip roller coaster.
And I hope governments make decisions seriously sufficiency and fast".
You can see the price of BTC here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Minh Anh
Bitcoin Magazine
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