Bitcoin Puell Multiple Indicates Potential Bullish Opportunity
Analysts point out that Bitcoin (BTC) is currently presenting a unique opportunity that usually only occurs once within a bull cycle. This opportunity is highlighted by the Puell Multiple, an on-chain indicator that tracks the ratio between Bitcoin miner revenue and the 365-day MA.
- The majority of mining revenue comes from block rewards
- Block rewards are fixed, with exceptions like Halving events
- Value of Puell Multiple over 1 indicates overvaluation
- Value below 1 hints at potential mining challenges
Bitcoin Puell Multiple Trend Over the Years
The Bitcoin Puell Multiple graph over the past decade reveals interesting trends in miner revenues:
- Above 2 mark indicates high miner revenues
- Recent drop to 0.7 signifies miner distress
- Fourth Halving event in April impacted miner revenues
- Historical data shows bullish rallies following similar trends
BTC Price Movements
Bitcoin’s price has been attempting to recover from recent lows, reaching $57,300 but facing resistance:
- Recovery attempts stalled around $57,300
- Chart shows current price and potential levels
Hot Take: Bitcoin Rally Expected in Q3 2024
On-chain data shows the Bitcoin Puell Multiple is currently forming a pattern that has previously signaled a bullish opportunity for the asset.
By
By
By