Bitcoin Hash Ribbon Signal Confirms 'Great Bull Run,' Says Analyst

The last time the Hash Ribbon indicator emerged was on April 25, when the price of Bitcoin hit $7,500.

"Bitcoin Hash Ribbons 'Buy' signal just confirmed. The post-Halving signal is particularly special. It will probably be a very long time until the next occurs. ...and so the great bull run begins."

Previously, Edwards explained that the Hash Ribbon signal occurs about once a year.

The macro indicator factors in the hash rate and mining difficulty of the Bitcoin blockchain network.

The Hash Ribbon indicator with the 3-day chart of Bitcoin.

What is the Hash Ribbon indicator and why are analysts optimistic?The basic theory of the Hash Ribbon indicator is that the Bitcoin market tends to reach a bottom when miners capitulate.

The cost of mining Bitcoin dropped to as low as $5,000 in some regions in Asia.The Hash Ribbon indicator possibly reemerged as Bitcoin went through a record high difficulty adjustment.

Start of a new bull run?The sentiment around the Bitcoin market remains divided.

Analysts are optimistic about the Hash Ribbon indicator and its implications due to its historical accuracy.

"The fundamental stuff with regards to crypto is not in my wheelhouse. Going off my system still gets me behind the moves eventually. Can someone tell me though, why will this time be different for the Bitcoin Hash Ribbon Buy signal?".