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Bitcoin at $288,000? BTC price shows bullish signal similar

时间:2020-08-01 05:00来源:未知 作者:admin 点击:
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Bitcoin’s price performance has been relatively stable in recent weeks. Since the beginning of June, the cryptocurrency has been

in the $9,200 range, which is the price at the time of release. However, Bitcoin is showing bullish signals, which could indicate the imminent arrival of a bull market.

According to a

from the exchange Kraken,

is just a 10% jump away from entering a massive upward trend. As Kraken describes, in order to enter a bull market, Bitcoin needs to break the important resistance at $10,500, as shown below.

Source: https://kraken.docsend.com/view/27nyqanqcd27a742

In this sense, the report says that Bitcoin should break the resistance soon or risk testing the support for $6,000 to $7,000. This would end a period that some analysts have called a very stable period. Indeed, this is similar to the price development in 2016 and 2017, when Bitcoin initially trended sideways for a very long time and ultimately reached its all-time high at $20,000 towards the end of 2017.

According to the analyst Moon Capital, the Bitcoin hash ribbons have crossed and therefore revealed a massive buy signal which historically has driven up the price of Bitcoin. The signal was also present prior to the bull run of 2017. Therefore, the analyst predicts that BTC will rise to $288,000.

Hash Ribbons have crossed.

Buy signal revealed.

$288,000 Bitcoin incoming.

— Moon Capital ? (@Moon__Capital)

The “Hash Ribbons” indicator is based on the hash rate of the Bitcoin network. The indicator is calculated by comparing the short term moving average and the long term moving average of the Bitcoin hash rate. Once these two cross, a bullish indicator is produced. A breakthrough on the downside, on the other hand, is regarded as bearish.

Capriole’s Digital Asset Manager, Charles Edwards, also

the formation of the above indicator. However, Edwards recommended waiting until midnight (UTC) today, 12 July, to confirm the appearance of the “hash ribbons”. He also said that the BTC price should close above $9,230.

On the other hand, Bitcoin’s fundamentals seem to support a bull market. The Bitcoin hash rate has been on a rise since the

. According to blockchain.com, Bitcoin’s hash rate reached a new high on July 7 at 125.99 Terra-Hashes per second (TH/s).

Bitcoin Total Hash Rate – 3 years graph Source:https://www.blockchain.com/en/charts/hash-rate

In that regard, the analyst and creator of Bitcoin’s

model, Plan B, stated that Bitcoin has survived the worst of the last few months and is still showing signs of improvement. In addition, he stressed that the cryptocurrency will have a new high in its hash rate soon, highlighting the good health of Bitcoin’s network:

Despite death spiral FUD, miner capitulation FUD, future manipulation FUD, corona, PlusToken FUD, Tether FUD, whales selling FUD etc… BTC just had its third-best quarterly close ever ($9.1K) and is heading for difficulty ATH Monday (17E12).

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