Bitcoin (BTC) remains in a tight trading range around the $105,000 mark, but a key on-chain indicator is flashing a powerful long-term buy signal. According to CryptoQuant contributor Darkfost, the Hash Ribbons indicator is now suggesting a prime accumulation opportunity.
🧠 What Are Bitcoin Hash Ribbons?
The Hash Ribbons indicator tracks miner stress by comparing the 30-day and 60-day moving averages of Bitcoin’s hashrate. A bullish crossover, where the 30-day MA moves above the 60-day MA after a period of decline, signals that miner capitulation is ending.
Historically, this has marked major long-term buying zones. These occur when struggling miners are forced to sell BTC at lower prices, which briefly pressures the market but eventually paves the way for a price rebound.
📈 Hash Ribbons Say “Buy” — What’s Next for BTC?
“The indicator is flashing a buy signal again, coinciding with Bitcoin’s hashrate hitting new all-time highs,” says Darkfost.
While this signal often precedes strong bullish price action, it may still lead to short-term volatility. Darkfost suggests that any dip should be seen as a chance to accumulate more BTC.
📉 Crash or Rally? Diverging Analyst Predictions
Not everyone is bullish in the short term. Analyst Xanrox used Fibonacci retracement levels to project a potential dip to $98,000, while Jelle warned of “one last speed bump” before Bitcoin aims for $140,000.
A few outliers even speculate a drop below $10,000, though this scenario is considered increasingly unlikely.
🔍 On-Chain Metrics Support Bullish Outlook
Despite short-term uncertainty, multiple on-chain indicators point to a healthy BTC market:
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Derivatives market reset with neutral funding rates (Amr Taha, CryptoQuant)
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Tom Lee (Fundstrat) maintains a year-end target of $250,000 for BTC
At the time of writing, BTC trades at $105,367, up 0.5% in the last 24 hours.
📊 BTC Price Chart
BTC trades at $105,367 on the daily chart
Source: BTCUSDT via TradingView