Bitcoin’s Miner Revenue Tracking Indicator Surges to 2023 Highs
An analysis by CryptoQuant Quicktake revealed that the Puell Multiple, which monitors the Bitcoin miner revenue’s ratio to the 365-day MA, is currently at its second highest level of the year. When the value of this metric is greater than 1, miners are earning above the yearly average, suggesting a potentially overpriced asset. Conversely, a value below 1 indicates a less than average revenue for miners, implying an undervalued asset.
Bitcoin Puell Multiple Trend
The 7-day MA Bitcoin Puell Multiple has been on the rise, reflecting the recent rally pushing Bitcoin’s price above $37,000, leading to higher miner revenues. The indicator’s value is now approaching the 2023 high set back in July, which in the past has been a bearish signal for the coin. However, previous major tops have occurred at much higher levels of the Puell Multiple, suggesting there may still be more room for growth before reaching a potential top.
Bitcoin Price
After briefly slipping below $37,000, Bitcoin’s price has recovered, once again reaching above that level recently.
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