Crypto analyst Mikybull Crypto has made a bold prediction regarding the future price of Bitcoin, suggesting that the leading cryptocurrency could reach as high as $130,000. This prediction comes after the analyst revealed the return of a technical indicator that represents a buy signal for Bitcoin.
In a recent X (formerly Twitter) post, Mikybull Crypto highlighted the occurrence of a rare hash ribbon buy signal for Bitcoin. According to the analyst, whenever this signal appears, it is typically followed by an “explosive rally” in the price of Bitcoin. This buy signal is seen as bullish for BTC, indicating that miners’ capitulation may have subsided or at least cooled off.
The hash ribbon indicator tracks the 30-day and 60-day moving averages of the BTC hash rate. A buy signal is generated when the 30-day moving average crosses over the 60-day moving average, signaling the end of miners’ capitulation and the beginning of a recovery in the hash rate. Miners’ capitulation, which can significantly impact the market and Bitcoin’s price, was triggered by the Bitcoin halving event, leading to a sell-off of over 30,000 BTC in June.
However, with the hash ribbon indicator suggesting a decline in selling pressure from miners, Mikybull Crypto believes that Bitcoin could be on the cusp of a major rally. The analyst advised followers to prepare for a potential surge that could propel BTC above $100,000 and towards a price target of $130,000.
Despite concerns about potential selling pressure from Mt. Gox’s Bitcoin repayments contributing to a recent price correction in Bitcoin, on-chain metrics suggest that investors have no reason to panic. Analysts have noted a significant increase in BTC withdrawals from Kraken following Mt. Gox users receiving their BTC, indicating a preference for holding rather than selling crypto tokens.
Cryptoquant’s CEO Ki Young Ju also reassured market participants, stating that the expected dump from Mt. Gox’s creditors did not materialize, attributing any price drops to market sentiment rather than Mt. Gox selling. This sentiment aligns with the overall positive outlook for Bitcoin, as indicated by the hash ribbon buy signal and potential for a significant price rally in the near future.