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The bitcoin hash ribbons have always been a way to show how strong buy pressure currently is in the market. And the last time the hash ribbons pointed to strong buy pressures, the price of the digital asset experienced a massive bull run. Now, the hash ribbons are beginning to point to a strong buy signal in the market. This signal was last seen towards the end of 2020, and going into 2021, we saw the massive bull run that followed, which led to the price of bitcoin hit a new all-time high at $64K.Buy Signal Shows Another Run-Up Is Coming
The chart shows that the current trends of bitcoin put the market under strong buy pressure. Accumulation patterns continue to indicate that investors are now buying coins instead of selling them. Wallets stock up on BTC to add to their holding stash. BTC’s price has held steady momentum following the break of the $45K resistance point, which puts it in a unique position to continue the bull rally.
BTC hash ribbons indicate strong buy signals | Source:The hash ribbons now point to a strong buy signal. If history is anything to go by, then the rally that follows this could see the price of the asset crashing above $100,000 before the end of the year. Given the already high price of the digital asset at this point. Bitcoin price would then be most likely followed by the altcoin market. Pushing the entire market into another bull market.
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One more event remains to be seen which will trigger this rally. The appearance of a dip after the hash ribbons show a strong buy signal has also been a feature of this. A mid-September cycle low will be the last buy signal to be triggered. Then the setup will be complete for the price of the digital asset to rally.Bitcoin Market Staying Green
Following the crash from the all-time high, the market was thought to have been in a bear market when bitcoin had broken down past $30,000 for the first time since January. Momentum was down for the months following the crash, which seemed to support the sentiment that the market was finally in a bear. But the last three weeks have proven this to be false.
BTC price staying above $45,000 | Source:Now, investors are pouring back into the market as bitcoin rages on in price. Fueling the bull rally even more given all of the money coming back into the market. Despite small dips, the price of bitcoin had mostly stayed up. Recording 15 green days close in the span of 22 days. Something that had never been seen in the market. As investors buy assets in wait for the next wave of rallies, traders look to the charts for guidance on how to place their bets. The bulls currently have taken over the market, which means shooters have amassed massive losses following the market. Another run-up towards December now seems to be the most likely scenario for the digital asset.
Featured image from Bitpanda Blog, chart from TradingView.com