CryptoNews 📰
📊The first cryptocurrency has once again exceeded the $70,000 mark. The Hash Ribbons indicator is giving an "optimal signal" to buy digital gold in the coming weeks, suggesting a resumption of the asset's rally, according to Capriole Investments founder Charles Edwards. The metric indicates miner capitulation that began two weeks ago, a period in which the 30-day moving average hash rate falls below the 60-day average.
Edwards notes that miner capitulation occurs about once a year, usually related to closures, bankruptcies, acquisitions or halving events. The recent capitulation of miners was observed in 2023, when bitcoin was trading around $20,000. If a new growth momentum occurs, the next medium-term target will be $100,000. However, entering the traditionally quiet summer financial market could delay this bullish momentum, Edwards warns.
📊 The analyst known as Rekt Capital believes that to enter a “parabolic growth phase”, digital gold will have to confidently break through the resistance zone of $72,000 to $73,000. Popular cryptocurrency expert Ali Martinez predicts that BTC will likely test the $79,600 price range. Artificial intelligence tool PricePredictions has determined that in the coming days, bitcoin could not only consolidate firmly above the crucial $70,000 mark, but could also continue to rise, reaching $75,245 by the end of June. This forecast is based on technical analysis indicators such as the Relative Strength Index (RSI), Bollinger Bands (BB), and Moving Average Convergence Divergence (MACD).
