The most significant confirmation that Bitcoin is about to begin a new bull run could arrive as soon as tonight’s daily and weekly close.
Post-Halving BTC: Will 2020 Be The Year of The Bull Market Returns?
2020 is gearing up to be the year of Bitcoin.
All eyes were on the cryptocurrency to start out the year. BTCUSD rose from December 2019 lows around $6,500 to as high as $10,500 in a matter of weeks.
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The ascent was fueled by pre-halving hype – a now-past event that reduced the block reward miners receive for powering the network.
The 12.5 BTC reward was slashed to just 6.25 BTC, but required the same amount of energy to validate each block. It’s only the reward that shrinks.
When the cost of production far outweighs the profit generated in BTC, miners capitulate and turn off their energy-hungry machines.
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Related Reading | An Explosive BTC Price Movement May Not Arrive, Concerning Data Shows
Due to this, the longer-term impact the May 2020 halving could have on miners and their profit margins is significant and not fully understood.
But before the highly anticipated day could arrive, the early 2020 rally was cut short due to the pandemic and resulting market selloff.
Bitcoin price collapsed, however, the remaining halving hype brought prices back to $10,000 quickly. Investors expected it to spark the next bull market.
Now the event has passed, the cryptocurrency has been trading sideways waiting for an important signal to trigger.
That day very well could be today, if Bitcoin price closes tonight’s daily and weekly candle above $9,230.
Most Profitable Signal Ever: Hash Ribbons To Signal Buy With Bitcoin Price Close Above $9230
If Bitcoin price can then end the day above the level, it will trigger a “buy” signal on the Hash Ribbons indicator, according to Bitcoin expert Charles Edwards.
The tool turns mining difficulty and hash rate into moving averages that can signal when miners are capitulating. When this is over, the indicator will give a buy signal.
Throughout Bitcoin’s history, there’s never been a more profitable buy signal.
BTCUSD Hash Ribbons Daily | Source: TradingView
Working backward, the last time this signal triggered was following Black Thursday
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Tags: — Charles Edwards (@caprioleio) July 12, 20202020 is gearing up to be the year of Bitcoin.A #Bitcoin Hash Ribbon "buy" signal is 𝗳𝗼𝗿𝗺𝗶𝗻𝗴 today.All eyes were on the cryptocurrency to start out the year. BTCUSD rose from December 2019 lows around $6,500 to as high as $10,500 in a matter of weeks.Bitcoin price collapsed, however, the remaining halving hype brought prices back to $10,000 quickly. Investors expected it to spark the next bull market.But before the highly anticipated day could arrive, the early 2020 rally was cut short due to the pandemic and resulting market selloff.Due to this, the longer-term impact the May 2020 halving could have on miners and their profit margins is significant and not fully understood.If Bitcoin price can then end the day above the level, it will trigger a “buy” signal on the Hash Ribbons indicator, according to Bitcoin expert Charles Edwards.If price closes this daily above ~9230, it will be confirmed.Now the event has passed, the cryptocurrency has been trading sideways waiting for an important signal to trigger.Prior to that, the buy signal sparked the early 2020 rally to over $10,000.Related Reading | An Explosive BTC Price Movement May Not Arrive, Concerning Data ShowsRelated Reading | This Unique Perspective on BTCUSD Charting Makes Bull Breakout Clear As DayThat day very well could be today, if Bitcoin price closes tonight’s daily and weekly candle above $9,230.The 12.5 BTC reward was slashed to just 6.25 BTC, but required the same amount of energy to validate each block. It’s only the reward that shrinks.The ascent was fueled by pre-halving hype – a now-past event that reduced the block reward miners receive for powering the network.The most significant confirmation that Bitcoin is about to begin a new bull run could arrive as soon as tonight’s daily and weekly close.The signal before that resulted in nearly 300% returns and took Bitcoin to $14,000.The tool turns mining difficulty and hash rate into moving averages that can signal when miners are capitulating. When this is over, the indicator will give a buy signal.Throughout Bitcoin’s history, there’s never been a more profitable buy signal.When the cost of production far outweighs the profit generated in BTC, miners capitulate and turn off their energy-hungry machines.Working backward, the last time this signal triggered was following Black Thursday before Bitcoin rocketed to over $9,000.