Bitcoin’s Flashing Bullish Signals Again — Just Like It Did at $84K

• Hash ribbon buy signal reappears, suggesting Bitcoin may rally toward $170,000.
• Long-term holders accumulate over 600,000 BTC, showing strong market confidence.
• Short-term holders remain inactive, reducing selling pressure and supporting bullish momentum.

Bitcoin — BTC , is gaining momentum once again. Just weeks ago, Bitcoin flashed the same signal that once turned $84,000 into $112,000. Analysts who missed it then are watching nervously now. Others, like Astronomer, already sound the alarm. That familiar signal, the one that sparked past surges, has returned. The setup? Nearly identical. But this time, the target isn’t six figures. It’s a jaw-dropping $170,000.

Hash Ribbon Signal Fires Up Again

One indicator gets the spotlight—the hash ribbon . This powerful onchain metric has a history of accuracy. It tracks Bitcoin’s computational muscle, comparing 30-day and 60-day moving averages of hashrate..When the 30-day average rises above the 60-day average, it’s no coincidence. It often signals miner recovery after capitulation. Historically, this pattern has sparked major price rallies. According to Astronomer, Bitcoin jumped at least 60% after every past signal.

One time, it even soared over 250%. These aren’t small moves. These are bull stampedes.The most recent signal appeared in mid-May. That’s exactly when Bitcoin bounced from $100,000. It now trades around $108,000. A similar move from here would send the price well above $170,000. A chart shared by Astronomer paints the picture clearly. Every blue dot marked a historical buy point.

Long-Term Holders Show No Signs of Letting Go

Price signals mean little without conviction. Luckily, long-term holders just dialed up their belief. CryptoQuant data shows their accumulation just crossed 600,000 BTC. That hasn’t happened since September 2024. The timing couldn’t feel more perfect. These holders don’t flinch at volatility. They see value where others panic. And right now, they’re buying aggressively. That’s usually a sign of strength before liftoff.

Meanwhile, short-term holders remain quiet. No wild sell-offs. No knee-jerk reactions. Their calm hands help reduce selling pressure. That steadiness supports any potential rally. Add in ETF inflows and MicroStrategy’s relentless Bitcoin appetite, and you’ve got a potent cocktail. Every coin they absorb tightens supply. Every dip they buy strengthens the floor. The market now stands on a narrower base, but one made of steel. This isn’t the first time Bitcoin teased a breakout.

Reduced short-term selling. And relentless demand from institutional players. Bitcoin surged after this same playbook before. That move took it from $84K to $112K. This time, the play calls for something bigger. With price hovering just below all-time highs, one spark could ignite fireworks. If the signal plays out again, $170,000 isn’t just possible—it’s probable..History may not repeat perfectly. But right now, it sure rhymes with profits.