The Hash Ribbon “buy” signal, based on Bitcoin’s network hashrate patterns, has triggered again. Technical analyst Astronomer Zero suggests this could lead to a price surge to at least $170,000 per coin.
In a chart posted on June 12, Astronomer Zero overlaid all weekly Hash Ribbon entries since 2020 on the BTC/USDT perpetual contract at Binance. The graphic highlights five previous instances where the signal marked a key market recovery, each followed by significant price rallies.
- Late 2020: Bitcoin rose 235%, climbing from $18,000 to above $60,000.
- Mid 2021: The price gained about 59%, moving from $30,000 to near $48,000.
- Late 2022: A 260% surge starting below $18,000.
- Early 2023: A 175% rally reaching $60,000.
- Mid 2024: A 100% increase surpassing $100,000.
The most recent signal appeared three weeks ago, with Bitcoin near $105,000. The analyst identifies a resistance zone between $160,000 and $165,000, aligning with past rally averages. Even matching the smallest historical post-signal gain of about 60% would push Bitcoin’s price to roughly $170,000.
The Hash Ribbon indicator operates mechanically: when the 30-day moving average of network hashrate rises above the 60-day average after miner capitulation, it signals diminished selling pressure. Historically, this has coincided with strong accumulation both on-chain and in derivatives markets.
Critics caution that correlation does not imply causation, noting that current high price expectations factor in ETF inflows, an upcoming halving event, and potential shifts in global liquidity. Nonetheless, Astronomer Zero’s data shows the Hash Ribbon “buy” has reliably preceded notable rallies over the last five years.
At the time of reporting, Bitcoin was trading at $104,898, down 3.1% in the past 24 hours.