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Bitcoin bull cues are surfacing as Hash Ribbon data says “buy” for the first time since July 2024, confirming the end of the latest miner capitulation phase.

Bitcoin
BTC
$87,301
traders are celebrating as one of the best-known BTC price metrics finally flipped bullish again.

The popular Hash Ribbon tool, created by quantitative Bitcoin and digital asset fund Capriole Investments, printed a first buy signal in a “macro bullish” event.

Hash Ribbon sparks $100,000 Q2 BTC price target
Bitcoin miners look set to make a comeback as the Hash Ribbon metric marks the end of their latest “capitulation” phase.

The Hash Ribbon tracks potential long-term buy opportunities using hashrate;

when miner profitability is at risk and network participants retire, this forms the capitulation which in turn leads to long-term price reversals.

These are monitored using two moving averages of hashrate: the 30-day and 60-day. Capitulations correspond to the former crossing below the latter, while the reverse is true for buy signals.

According to data from Cointelegraph Markets Pro and TradingView, the Hash Ribbon put in its latest buy signal on March 24. It is visible on both daily and weekly timeframes.

“This is macro Bullish,” trader Titan of Crypto wrote on X.

The previous Hash Ribbon buy signal came in July 2024. At the time, BTC/USD had yet to bottom out, and it took several months before a wave of upside began.

A similar scenario happened after a buy signal printed in August 2023.

Optimism over the latest development seemed tangible after much of Q1 2025 was marred by disappointing BTC price action.

“One of the most accurate mid-term indicators is bullish now,” fellow trader Robert Mercer added.

“Expecting $BTC to go back above $100,000 in Q2 of 2025!”
Bitcoin ends “multimonth RSI downtrend”
As Cointelegraph reported, Bitcoin has already begun to tease a bullish market turnaround as March nears a close.

Chief among the signs is the relative strength index (RSI) indicator, which, like the Hash Ribbon, is in the process of returning to form after months of suppression.

On weekly timeframes, RSI has confirmed a bullish divergence for the first time since September, while the daily chart is showing a support retest after breaking through a downward trend line in place since November.

“The multimonth RSI Downtrend is over,” trader and analyst Rekt Capital confirmed to X followers this week.

 

Crypto industry leaders told Cointelegraph about the key narratives emerging in 2025, from some of the safest crypto investments to more speculative bets.

From Bitcoin’s historic rise to $100,000 to the emergence of artificial intelligence-driven crypto projects and tokenized real-world assets (RWAs), 2024 reshaped the landscape of crypto investments.

With favorable regulatory changes and institutional interest on the rise, 2025 promises to offer significant opportunities for investors.

To help investors prepare for 2025, Cointelegraph spoke with industry experts to outline the best ways to navigate the crypto market.

The safe bet: Bitcoin
Coming as no surprise, the world’s first cryptocurrency, Bitcoin
BTC
$102,270
, is considered the least risky bet in the crypto industry due to its inherent decentralization, robust security and growing institutional adoption.

Thanks to its fixed monetary policy and inherent decentralization, Bitcoin is increasingly viewed as a hedge against monetary debasement.

More institutions are recognizing Bitcoin as a hedge against inflation, partly thanks to the United States’ spot Bitcoin exchange-traded funds (ETFs). Institutional investors owned 27% of Bitcoin ETFs by the end of the second quarter of 2024, Cointelegraph reported.

In 2024, Bitcoin generated an impressive 110% return on investment for holders, outperforming most major asset classes, including China equities, which rose 29% and US equities at 21.7%, BlackRock data shows.

Analysts expect improved macroeconomic conditions and more crypto-friendly regulations fueled by the incoming pro-crypto administration of President-elect Donald Trump.

Bitcoin is set for another year of robust gains based on the four-year Bitcoin halving cycle, which sets the cycle top for the third quarter of 2025.

According to some analysts, Bitcoin could reach $160,000 in 2025, gaining over 72% from the current price tag, according to a Matrixport report.

According to Blockstream co-founder and Hashcash inventor Adam Back, BTC could hit $1 million if the Trump administration approves a strategic Bitcoin reserve.

Still, investors should be mindful of a potential correction in the first part of 2025. Based on Bitcoin’s correlation with the liquidity index, BTC could see a “local top” of $110,000 in January before staging a temporary correction to $70,000.

While Bitcoin remains the safest bet in cryptocurrency, some traders are looking for

riskier investment opportunities that present more upside potential, like the emerging field of AI cryptocurrencies.

The current Bitcoin correction under $100,000 is driving more interest in AI-crypto projects, such as AI platform ai16z and decentralized trading protocol Hyperliquid, according to Alvin Kan, chief operating officer of Bitget Wallet.

Both ai16z and Hyperliquid are “poised for growth in 2025,” Kan told Cointelegraph:

“Emerging narratives like AI-driven investments, decentralized AI agents, and tokenized assets hint at a tech-driven shift, though with added risk.”

Ai16z is considering creating a platform similar to Pump.fun for launching AI agents, according to a post on its governance forum. It is also contemplating “[p]ositioning ai16z as an L1 blockchain for AI,” the post added.

Showcasing the lucrative financial opportunity, onchain AI agents generated a cumulative $8.7 million worth of revenue in the five weeks leading up to June 2024, according to VanEck data.

Bitcoin investors are not yet exhibiting typical BTC price blow-off top behavior, UTXO data concludes.

Bitcoin
BTC
$102,280
newbies are not showing signs that the bull market top is in, new research agrees.

In a Quicktake blog post on Jan. 28, onchain analytics platform CryptoQuant said new investor participation had yet to reach “extreme levels.”

Bitcoin cycle top “warning signs” not visible
Bitcoin bull markets are typically characterized by a high proportion of transactions involving newer market entrants, while old hands brace for lower, CryptoQuant says.

Referencing bull market peaks in 2013, 2017 and 2021, contributor IT Tech showed that the current BTC price cycle is still far from its notional blow-off top.

This is due to unspent transaction outputs (UTXOs) including from both recently-active and long-dormant coins.

“The latest increase in younger UTXOs suggests a growing participation of newer market entrants,” he reported.

“However, we are not yet at the extreme levels seen during previous cycle peaks.”

An accompanying chart split UTXOs by coin age, with “young” coins described as being dormant for no longer than three months.

Blow-off top territory, it reveals, is typically marked by these coins accounting for more than 70% of UTXOs — signalling a sense of “FOMO” among inexperienced traders.

“The chart suggests that we are entering a phase of increased market activity, but the proportion of young UTXOs is not yet at the historical peak levels,” the post concluded.

“This could mean that Bitcoin still has room for further upside, but traders should closely monitor the ratio of young coins to long-term holdings for potential warning signs of a top.”

The phenomenon is also being tracked by other crypto industry sources, including onchain analytics firm Glassnode.

With young coins accounting for just over half of UTXOs at present, “the proportion of wealth held by new Bitcoin investors (24H to 3 months), is still well below the levels seen during previous ATH cycle tops,” it confirmed in a post on X.

“Off to the races” on $110,000 BTC price close
As Cointelegraph continues to report, market participants expect BTC price upside continuation to eventually result from current sideways movements.

A $20,000 range has held for more than two months, leading to increasing conviction that, sooner or later, price will escape.

For popular trader Jelle, all that is needed is a daily close above recent all-time highs near $110,000.

“This bullish pennant has a target of roughly $145,000. Broke out, and retested successfully,” he told X followers alongside a BTC/USD chart on the day.