The Hash Ribbon “purchase” set off – a sign embedded in Bitcoin’s community hashrate dynamics – has flashed once more, and technical analyst Astronomer Zero believes it might pave the way in which to at the least $170,000 per coin. A chart the analyst posted on X on 12 June overlays each prior weekly‐timeframe Hash Ribbon entry since 2020 on the BTC/USDT perpetual contract at Binance, illustrating why the sign is handled with virtually talismanic respect by some quantitative merchants.

Bitcoin Surge To $170,000 Imminent?

The graphic reveals 5 earlier occurrences of the capitulation-to-recovery crossover embedded within the Hash Ribbon algorithm. Every is marked on the worth pane by a cobalt-blue “Purchase” dot instantly beneath the weekly candles and linked to the following rally by a violet measuring arrow.

After the sign in late-2020, Bitcoin accelerated by 235% from the $18,000 consolidation flooring to problem the then-all-time-high zone simply above $60,000 earlier than any main pull-back unfolded. Mid-2021’s ribbon occasion proved extra modest – roughly 59% from a $30,000 base into resistance close to $48,000 – but it nonetheless revered the rule that the market rewards the crossover with important upside.

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The subsequent two alerts, printed in late-2022 and early-2023, have been far stronger: a 260% surge from the capitulation trough beneath $18,000, adopted by a 175% leg in mid-2023 that carried worth cleanly to the long-standing provide shelf within the $60,000 space. In mid-2024, the hash ribbon sign led to a 100% rally above $100,000.

Most lately, the ribbon crossed once more three weeks in the past, with Bitcoin quoted at roughly $105,000 on the weekly shut. The analyst annotates present worth at $106,873 and attracts a contemporary horizontal barrier on the $160,000–$165,000 band – the extent that might align with the imply magnitude of earlier post-signal advances. Had been the market merely to match the smallest historic proportion transfer (≈ 60%) from the current crossover, spot would lengthen to the $170,000 area indicated in crimson on the chart.

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Hash Ribbon logic is mechanical. When the 30-day shifting common of community hashrate climbs again above the 60-day common after a interval of miner capitulation, on-chain observers learn it as an all-clear that pressured promoting stress has exhausted. Prior to now, that transition has coincided with aggressive spot accumulation seen on-chain and in derivatives positioning.

Sceptics will word that correlation shouldn’t be causation and {that a} six-figure quote for Bitcoin already bakes in ETF inflows, a looming halving provide shock and a world liquidity cycle that would but tighten. Nonetheless, Astronomer Zero’s chart underscores an goal truth: within the final half-decade the Hash Ribbon “purchase” has by no means mis-fired. Whether or not historical past’s rhythm repeats or merely rhymes, merchants are watching the $170,000 stage marked on the chart as the following take a look at of that document.

At press time, BTC was down 3.1% over the previous 24 hours, buying and selling at $104,898.

Featured picture created with DALL.E, chart from TradingView.com