Bitcoin Bullish: Hash Ribbon prints Buy Signal

The Hash Ribbon has been one of the best indicators of calling out a bullish run in price.

What is Hash Ribbons? Glassnode explains as follows:

The Hash Ribbon is a market indicator that assumes that Bitcoin tends to reach a bottom when miners capitulate, i.e. when Bitcoin becomes too expensive to mine relative to the cost of mining. The Hash Ribbon indicates that the worst of the miner capitulation is over when the 30d MA of the hash rate crosses above the 60d MA (switch from light red to dark red areas). Times when this occurs and the price momentum switches from negative to positive have shown to be good buying opportunities (switch from dark red to white). 

Hash Ribbons Track Record

Here’s a chart from tradingview, you can see how explosive bitcoin gets after a Hash Ribbon buy signal (note: the only time it was meh is when the black swan event happened in March, and every market crashed)

Could this be Bitcoin’s run to $100,000? History tends to repeat itself, and based on the Hash Ribbons, it looks like the moon is inevitable.

What are your thoughts? Moon time or bear time?