$BTC Hash Ribbons, created by quantitative Bitcoin and digital asset fund Capriole Investments, uses two moving averages of hashrate to delineate periods of “capitulation” among miners.

Since offering its last market entry tip in late March, BTC/USD has gained around 20%.

“The hash ribbons are still flashing a buy signal here,” Mister Crypto commented in a post on the phenomenon this week, predicting BTC price to “go much higher in May.”