¡¡¡¡Bitcoin price is still down 40% from recent highs, forcing investors to face the reality that the bull run could be over. And while that scare and related selloff certainly shook out even the strongest of hands, those that are still holding could end up reaping enormous profits.
¡¡¡¡That¡¯s because even though things appear to be extremely bearish at the moment for crypto, the most profitable buy signal in Bitcoin history is about to trigger. Here¡¯s a look at what this means and why the last signal in each bull market is the strongest of them all.
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¡¡¡¡The first ever cryptocurrency has had its most profitable year on record, tripling in value within the first three months of the year. After a shocking move up, however, the market corrected and it caused chaos in newcomers to the volatile asset class.
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¡¡¡¡More than 50% was bled out of Bitcoin price in just days following the local top ¨C enough downside to question if it was the top of the bull market itself. Several indicators say as such, but the masses deny any chance of that happening ¨C $100,000 BTC or bust.
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¡¡¡¡However, stubborn as they may be, those with so-called diamond hands might end up with profits worth their weight in the precious gemstone.
¡¡¡¡The hash ribbons are about to trigger a buy signal | Source: BTCUSD on TradingView.com
¡¡¡¡The chart above shows the ¡°hash ribbons¡± created by crypto fundamental expert Charles Edwards, which currently indicate that BTC miners are capitulating.
¡¡¡¡During selloffs, miners are forced the sell coins to fund operations. In theory, Edwards¡¯ tool denotes when that¡¯s happening. It also has a very fortunate side effect of being the most profitable buy signal in crypto history.
¡¡¡¡The last signal of each bull market is the most powerful | Source: BTCUSD on TradingView.com
¡¡¡¡In the past, the last buy signal of each cycle led to another 8,000% and 3,500% respectively. Each cycle had a number of buy signals before the grand finale, but it is the last signal that gives the indicator its reputation of profitability.
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¡¡¡¡Past buy signals from the current market cycle all have resulted in upside worth bragging about. After the December 2018 Botton, BTC rose by 300% and the most recent signal resulted it more than 500% returns.
¡¡¡¡With the cryptocurrency already at $35,000 per coin and only now about to trigger this monumental buy signal, how much further could the cryptocurrency climb?
¡¡¡¡The above chart shows an example of how only another 1,000% is necessary to reach $300,000 per BTC ¨C an ROI which is meager to what the hash ribbons called out ahead of time during past bull rallies.
¡¡¡¡Featured image from iStockPhoto, Charts from TradingView.com