While Bitcoin has shown a bearish performance recently, a reliable on-chain indicator suggests a sustained uptrend could be on the horizon.
Specifically, Bitcoin’s on-chain momentum received a strong bullish confirmation this week from the widely followed Hash Ribbon indicator, which has just flashed a fresh buy signal. Historically, this has marked some of the best long-term entry points in BTC’s cycle.
One of Bitcoin’s Most Accurate Buy Signals
The Hash Ribbon, developed by Charles Edwards of Capriole Investments, analyzes Bitcoin’s hash rate behavior to identify periods of miner capitulation and recovery.
It triggers the signal when BTC’s 30-day moving average hash rate crosses above the 60-day average after a prolonged drawdown. This often indicates that miner stress is easing and network fundamentals are strengthening.
According to a chart shared by Bitcoin Archive on June 12, this signal has now triggered for the second time in 2025. It follows previous successful calls in 2019, 2020, 2021, and 2023, each of which preceded significant price rallies.
Notably, the Hash Ribbon indicator flashed a buy signal in April when Bitcoin’s price dipped to around $70K. Since then, BTC has continued to hit new all-time highs. Specifically, Bitcoin has surged approximately 50% from April’s low of $74,000 to a recent peak of around $112,000.
Although the crypto firstborn has since retraced slightly from this new high, the indicator has now flashed another buy signal. This suggests that, while some investors may be hesitant to enter the market at current prices, the indicator implies further upside potential.
BTC Trades Above $107K, Bullish Structure Intact
The accompanying historical chart includes multiple instances of accurately predicting Bitcoin bottoms. It successfully signaled buying opportunities twice in 2023 and again in 2024, which was followed by a rally that pushed Bitcoin to $73K in March of that year, before a brief correction and resumption toward the current $100K levels.
Hash Ribbon on Bitcoin historical weekly chart
At press time, Bitcoin is trading at $107,600, down more than 3% over the past day. Despite the dip, the price remains firmly above the six-figure mark, even amid a mixed macro environment and ETF-driven volatility.
How High Could It Go?
The Hash Ribbon’s signal of multi-month gains aligns with the sentiment of many analysts who believe the current bull run is far from over. Opinions vary on how high Bitcoin could rise. Yet, the popular consensus holds that BTC could approach or even surpass $200K.
Interestingly, some industry commentators, such as Michael Saylor, believe the era of “crypto winter” is over and that Bitcoin has entered a predominantly “up-only” phase.
He cites several bullish factors, including increasing institutional demand amid a limited supply, pro-crypto leadership in the U.S., and growing global government support. Saylor has stated that Bitcoin is on track to reach $1 million.
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