Bitcoin (BTC) traders are celebrating as one of the best-known BTC price metrics finally flips bullish again.
The popular Hash Ribbon tool, created by quantitative Bitcoin and digital asset fund Capriole Investments, has printed its first buy signal in a “macro bullish” event.
Hash Ribbon sparks $100,000 Q2 BTC price target
Bitcoin miners look set to make a comeback as the Hash Ribbon metric marks the end of their latest “capitulation” phase.
The Hash Ribbon effectively tracks potential long-term buy opportunities using hash rate — when miner profitability is at risk and network participants retire, this traditionally forms the capitulation which in turn leads to long-term price reversals.
These are monitored using two moving averages of hash rate: the 30-day and 60-day. Capitulations correspond to the former crossing below the latter, while the reverse is true for buy signals.
According to data from Cointelegraph Markets Pro and TradingView, the Hash Ribbon put in its latest buy signal on March 24. It is visible on both daily and weekly timeframes.
“This is macro Bullish,” popular trader Titan of Crypto wrote in part of a response on X.
The previous Hash Ribbon buy signal came in July 2024.
At the time, BTC/USD had yet to bottom out, and it took several months before a wave of upside began.
A similar scenario played out after the buy signal before that printed in August 2023.
Despite this, optimism over the latest development is already tangible after much of Q1 2025 was marred by disappointing BTC price action.
“One of the most accurate mid-term indicator is bullish now,” fellow trader Robert Mercer added.
“Expecting $BTC to go back above $100,000 in Q2 of 2025!”
Bitcoin ends “multimonth RSI downtrend”
As Cointelegraph reported, Bitcoin has already begun to tease bullish market turnarounds as March comes to a close.
Chief among them is the relative strength index (RSI) indicator, which like the Hash Ribbon is in the process of returning to form after months of suppression.
On weekly timeframes, RSI has confirmed a bullish divergence for the first time since September, while the daily chart is showing a support retest after breaking through a downward trend line in place since November.
“The multi-month RSI Downtrend is over,” popular trader and analyst Rekt Capital confirmed to X followers this week.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.