The Buy Signal That Started the 2021 Bull in Bitcoin is Active Again!

Famous on-chain analyst Charles Edwards stated that a signal that previously brought an increase in the Bitcoin (BTC) price was active again.

Charles Edwards included his analysis of Bitcoin in his X post dated July 24. Using the on-chain indicator called Hash Ribbon, the analyst emphasized that this indicator gives a similar buying signal as before the big rise in 2020.

According to the information in Edwards' post, the Bitcoin hash ribbon buy signal has become active again. According to the analyst, this signal indicates that mining capitulation is over and it is a good time to accumulate Bitcoin.

The chart revealed that the Bitcoin price has historically experienced significant increases in the periods following these signals.

As of July 2024, the Bitcoin price was around $65,835, while the re-emergence of the hash ribbon buy signal aroused great interest among investors.

Hash ribbon is known and used as an indicator that analyzes the health of mining activities on the Bitcoin network and changes in mining difficulty.

According to CoinGecko data, Bitcoin, which has increased by 0.5% in the last 24 hours, is traded at $66,500 at the time of writing.