Renowned Cryptocurrency Analyst Ted Identifies Buy Signal That May Propel Bitcoin to Unprecedented Prices
The renowned cryptocurrency analyst Ted has identified a potential buy signal that could push Bitcoin to unprecedented price levels.
This prominent market analyst has analyzed the Bitcoin Hash Ribbons, which have flashed a buy signal on a weekly timeframe. According to him, due to bullish indicators, the largest cryptocurrency by market capitalization may surge into unknown territories.
It is noteworthy that this assertion comes as Bitcoin has been struggling to maintain an upward trajectory. In recent weeks, the asset’s price action has been inconsistent, as macroeconomic trends have limited all bullish attempts for the asset.
Buy Signal Flashes on Bitcoin
Ted has noted that in every instance where the Bitcoin Hash Ribbons indicator has appeared, it has led to bullish impacts on the asset’s price. The metric, which is an uninspired chain metric, indicates periods of miner capitulation and recovery. The capitulation phase is characterized by Bitcoin sell-offs to sustain mining activities when mining revenues cannot cover operational costs.
The recovery phase appears in the opposite scenario depicted by the movements of the 30-day and 60-day moving averages. As Ted has identified, when the former crosses above the latter, a buying opportunity arises, suggesting that Bitcoin’s price may be on the path to recovery.
A New All-Time High for Bitcoin?
Interestingly, the analyst points out that historical buy signals from the Hash Ribbons have consistently stimulated significant advantages in Bitcoin’s price. The accompanying chart shows that the last two instances of the pioneering cryptocurrency flashing a buy signal on a weekly timeframe coincided with all-time highs.
In perspective, the Bitcoin Hash Ribbons flashed a buy signal in the week of June 19, 2023, and again on March 3, 2024, leading to an asset surge from the March 2021 peak of $73,000.
Notably, Ted has identified a similar signal flashing in mid-March, heightening optimism for a price rebound. He emphasizes that a repetition of Bitcoin’s historical response to moving average crossovers will ensure a 31% wave surge towards the current all-time high and further parabolic expansion.
Nevertheless, Bitcoin must conquer a resistance level at $94,280. Market expert Ali Marinez cites the MVRV extreme deviation pricing band to identify price tags and a new all-time high at $112,380 as two critical supply zones for Bitcoin.
At the time of writing, Bitcoin is trading at $83,835, showing less than a 1% change in the past 24 hours.
