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Bitcoin mining metric that has predicted every big BTC rally since 2020 is flashing again

Published 08/18/2021, 01:00 PM
Updated 08/18/2021, 02:40 PM
Bitcoin mining metric that has predicted every big BTC rally since 2020 is flashing again
BTC/USD
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A Bitcoin (BTC) mining indicator that has preceded several major BTC price rallies is flashing again.

Blockchain analytics platform Glassnode spotted a golden cross between the 30-day and 60-day moving averages of Bitcoin's hash ribbon. In theory, such a crossover indicates that the price momentum is switching from negative to positive.

Bitcoin hash ribbons. Source: Glassnode
Bitcoin hash ribbon crossovers in recent history. Source: Glassnode

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