The Hash Ribbon “buy” signal, based on Bitcoin’s network hashrate dynamics, has triggered again. Technical analyst Astronomer Zero highlighted this on 12 June, suggesting Bitcoin could rise to at least $170,000 per coin.
The analyst shared a chart on X overlaying prior weekly Hash Ribbon buy signals since 2020 on the BTC/USDT perpetual contract at Binance. The chart shows five previous capitulation-to-recovery crossovers, each followed by significant price rallies.
- In late 2020, Bitcoin surged 235% from $18,000 to over $60,000.
- Mid-2021 saw a 59% increase from $30,000 to nearly $48,000.
- Late 2022 and early 2023 witnessed jumps of 260% from below $18,000 and 175% reaching $60,000 respectively.
- In mid-2024, Bitcoin rallied 100% to surpass $100,000.
The most recent signal occurred three weeks ago, with Bitcoin closing the week around $105,000. Astronomer Zero notes a resistance zone between $160,000 and $165,000, aligning with previous post-signal rally magnitudes. If Bitcoin matches the smallest historical gain of about 60% from this point, it could reach approximately $170,000.
The Hash Ribbon indicator works mechanically: the 30-day moving average of network hashrate crossing above the 60-day average after miner capitulation signals an end to forced selling pressure. Past occurrences have coincided with increased accumulation visible on-chain and in derivatives.
While some caution that correlation does not equal causation, and factors such as ETF inflows, supply halving, and liquidity conditions already influence price expectations, Astronomer Zero’s analysis highlights that the Hash Ribbon “buy” signal has reliably preceded strong rallies over the past five years.
At press time, Bitcoin was down 3.1% over 24 hours, trading at $104,898.