Bitcoin Hash Ribbon Fractal Puts BTC Price En Route $170K — Analyst

Bitcoin (BTC) may be poised for another significant upside move after triggering a widely-followed onchain indicator known as the “hash ribbon” signal, says popular analyst Astronomer.

BTC Price Projected to Hit $170,000

For the unversed, the hash ribbon is a metric that combines the 30-day and 60-day moving averages of Bitcoin’s hashrate — the total computational power securing the Bitcoin network.

When the 30-day average crosses above the 60-day average following a miner capitulation event, it is considered a potential buy signal, historically coinciding with favorable price action.

“Every time the hash ribbon signal flashes, BTC moved at least 60% before any significant pullback,” the analyst wrote in a June 12 post, adding:

“That puts BTC at $170K at least. It flashed again 3 weeks ago.”

The chart accompanying the post illustrates prior hash ribbon signals since 2020, each marked with a blue dot and a “Buy” label. Previous instances saw BTC gaining between 59% and 260%, depending on broader market conditions.

The latest buy signal appeared in mid-May, aligning with Bitcoin’s recent recovery from $100,000 lows.

At the time of writing, BTC/USD trades near $108,000, suggesting a potential upside run toward $170,000 or more if the historical pattern plays out as intended.

Long-Term Bitcoin Holders Accelerate Accumulation Amid ETF Inflows

New onchain data further reinforces the bullish outlook.

According to CryptoQuant, the Long-Term Holder (LTH) Position Change metric has surpassed 600,000 BTC for the first time since September 2024 — a threshold historically associated with major accumulation phases.

LTHs, who typically hold their coins for over 155 days, are seen as resilient investors with high conviction. Their growing presence suggests confidence in Bitcoin’s long-term appreciation, even at elevated price levels.

Conversely, the Short-Term Holder (STH) Position Change remains muted, indicating a lower likelihood of immediate profit-taking or panic selling. STHs tend to react quickly to volatility, but their current inactivity signals reduced selling pressure in the market.

The shift in supply dynamics comes as US-listed Bitcoin ETFs continue to absorb BTC at a rapid pace, and MicroStrategy maintains its aggressive BTC accumulation strategy.

The combined effect is a supply squeeze that may amplify upside momentum if demand persists.

As of mid-June, BTC is trading just below its record high, with technical and onchain signals aligning around continued accumulation.