Bitcoin Price Prediction: Explosive Moves Ahead As Hash Ribbon Indicator Signals Buy, $74k Soon? (2024)

Analyst Josh of Crypto World took to his latest analysis and confirmed that Bitcoin remains in a larger bull market. The analyst said that a Bitcoin buy signal has just been confirmed on the Bitcoin chart, while the price is also confirming a new short-term signal that warrants attention.

The hash ribbons indicator, which tracks Bitcoin hash rate moving averages, has just flashed a buy signal. Historically, when these moving averages cross, indicating miners are regaining strength, it has been a reliable buy signal.

Over the past year, this buy signal has appeared only once. In the last two years, it has appeared three times, each time followed by bullish price action. For instance, in August 2022, the signal marked the end of a bear market and led to a rally. Now, this buy signal has appeared again, suggesting potential for more bullish price action in the near term.

Market Volatility and Key Levels

Expect some volatility with Trump’s upcoming Bitcoin comments. In the short term, Bitcoin has rebounded from the $63,000-$64,000 support zone. If there is a daily candle close above $68,300, this could signal a continuation of the bullish trend. Breaking below this support could end the short-term bullish trend.

Bitcoin faces resistance between $67,000 and $68,300. Overcoming this resistance could lead to a move toward the all-time high range of $72,000-$74,000. However, short-term struggles at this resistance are possible, leading to sideways consolidation or pullbacks.

A new hidden bullish divergence has been confirmed, pointing to potential bullish continuation. However, it’s essential to watch key liquidity levels. There’s considerable liquidity around $63,300 and $67,500-$69,000, which could influence price movements.

Also Read: Bitcoin Conference 2024: Robert F. Kennedy Jr. Announces 550 Bitcoin Daily Treasury Plan

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