Bitcoin hash ribbons flashed the first buy signal since $25,000

Capriole Investments highlights a bullish on-chain metric, the hash ribbons, suggesting Bitcoin's (CRYPTO:BTC) price is poised for significant gains.

The signal comes amid Bitcoin miners readjusting post-April's halving, leading to a drop in the hash rate and the hash ribbons entering a "capitulation" phase, historically associated with favorable buying opportunities.

Charles Edwards, the founder of Capriole, emphasises the predictive power of hash ribbons, citing previous instances where such signals coincided with significant price movements.

Despite current consolidation, various on-chain indicators and broader market conditions suggest BTC is poised for substantial upside, potentially reaching new heights in the near future.