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Hash Ribbon “buy” trigger – a signal embedded in Bitcoin’s network hashrate dynamics – has flashed again, and technical analyst Astronomer Zero believes it could pave the way to at least $170,000 per coin. A chart the analyst posted on X on 12 June overlays every prior weekly‐time-frame Hash Ribbon entry since 2020 on the BTC/USDT perpetual contract at Binance, illustrating why the signal is treated with almost talismanic respect by some quantitative traders.
Bitcoin Surge To $170,000 Imminent?
This graphic illustrates five previous occurrences. capitulation-to-recovery crossover Hash Ribbon algorithms are embedded. The price panel is marked with a cobalt blue. “Buy” A violet measuring arrow is placed directly under the candles of the week and links it to the rally.
Bitcoin surged 235% after the late 2020 signal, from the consolidation floor of $18,000 to the all-time high zone at just over $60,000 without any significant pullback. Mid-2021’s ribbon event proved more modest – roughly 59% from a $30,000 base into resistance near $48,000 – yet it still respected the rule that the market rewards the crossover with significant upside.
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Two more signals appeared in 2022. The first was a strong 260% jump from the capitulation low below $18,000. This was followed by an 185% rise in mid-2023 which carried the price all the way to the supply shelf that had been in place for a while, around $60,000. The hash-ribbon signal in mid-2024 led to an increase of 100% above $100,000.
Bitcoin was quoted at approximately $105,000 for the closing of the previous week. The analyst annotates current price at $106,873 and draws a fresh horizontal barrier at the $160,000–$165,000 band – the level that would align with the mean magnitude of earlier post-signal advances. Were the market merely to match the smallest historical percentage move (≈ 60%) from the present crossover, spot would extend to the $170,000 region indicated in crimson on the chart.
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Hash Ribbon logic follows a mechanical principle. The 30-day moving-average of the network’s hashrate will climb back over the 60 day average when it has been a while. miner capitulationThe on-chain observer interprets it as the all-clear sign that pressure to sell has been exhausted. This transition was previously accompanied by aggressive accumulation of spot positions on the chain and derivatives.
Sceptics may point out that correlation does not equal causation, and that the six-figure Bitcoin quote already includes ETF flows. halving supply shock Global liquidity could tighten. Astronomer zero’s chart does highlight an objective truth: the Hash Ribbon has been a trend in the past half decade. “buy” It has never failed. Trades are looking at the level of $170,000 marked on the graph as the next attempt to break that record.
BTC, at the time of publication, was trading for $104,898. This is a 3.1% decline over the last 24 hours.
Featured Image created using DALL.E and chart from TradingView.com
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Source: www.newsbtc.com
