Bitcoin is set to experience a massive rally, potentially reaching a price as high as $130,000, according to crypto analyst Mikybull Crypto. The analyst revealed that Bitcoin recently received a rare hash ribbon buy signal, indicating that miners’ capitulation may be over, leading to positive movements in the market. This indicator tracks the moving averages of BTC’s hash rate and signals a recovery when the 30-day MA crosses over the 60-day MA.
Miners’ capitulation, which significantly impacts Bitcoin’s price, has been a concern for investors. However, the hash ribbon indicator suggests that the selling pressure from BTC miners has decreased, paving the way for a significant price increase. Mikybull Crypto advised his followers to prepare for a “massive rally” that could propel BTC above $100,000, reaching a target of $130,000. This positive outlook aligns with crypto analyst James Van Straten’s observation that miners’ revenue is approaching its 365-day moving average, indicating a potential end to capitulation.
Despite concerns about potential selling pressure from Mt. Gox’s Bitcoin repayments, on-chain metrics indicate that Bitcoin investors have no reason to panic. Crypto analyst OnChainSchool highlighted a significant increase in BTC withdrawals from Kraken following Mt. Gox users receiving their BTC, suggesting that these users are choosing to hold rather than sell their crypto tokens. Similarly, CryptoQuant’s CEO Ki Young Ju noted that the expected dump from Mt. Gox creditors did not occur, attributing any price drop in Bitcoin to market sentiment rather than Mt. Gox selling.
Overall, the return of the hash ribbon buy signal and positive on-chain metrics indicate a bullish outlook for Bitcoin. Miners’ capitulation appears to be easing, setting the stage for a significant price rally. With predictions of Bitcoin reaching $130,000, investors may want to pay attention to these indicators and potential market movements in the coming months. As the market continues to evolve, monitoring key indicators and analyst predictions could help investors navigate the volatile crypto space with more confidence.
