Bitcoin’s Puell Multiple Signals A Bullish Surge: Could A New ATH Be Near?
2024年10月8日 - 12:00PM
NEWSBTC
While Bitcoin has been unable to break past the $70,000 price mark
for over 2 months now, the asset has made efforts to remain above
the $60,000 mark. Amid this maintenance above the $60,000 price
level, analysts have continued to speculate on BTC’s future
trajectory especially when the asset would make the play out of the
long-anticipated rally to a major highs. One such analyst,
CryptoBullet on X, has brought attention to a particular indicator—
the Puell Multiple— suggesting that Bitcoin may be on the cusp of
reaching a new all-time high (ATH). Related Reading: Bitcoin Price
Could Skyrocket To $118,000 By Year-End: Here’s Why Understanding
The Puell Multiple According to CryptoBullet, the behavior of the
Puell Multiple indicator often correlates with Bitcoin’s market
cycles, potentially offering a clue into where the asset is headed
next. The Puell Multiple, calculated by dividing the daily issuance
of Bitcoin in USD by the 365-day moving average of the daily
issuance, is used as a measure to understand the miners’
profitability and their potential influence on Bitcoin’s price.
Historically, when the Puell Multiple entered its “Green Zone,” it
indicated that Bitcoin may have reached a market bottom, which
often preludes a significant upward trend. CryptoBullet points out
that this phase of the cycle often sees Bitcoin bottoming out
before starting its ascent toward a new ATH. #BTC Puell Multiple
indicator 💡 This is why I think $BTC is not done yet and we’ll get
a new ATH soon According to this chart, #Bitcoin Bear Markets end
(#BTC finds the bottom) when Puell Multiple reaches the Green Zone
Then Puell Multiple bounces as $BTC price prints the…
pic.twitter.com/pL1ShFxcwE — CryptoBullet (@CryptoBullet1) October
6, 2024 Bitcoin Puell Multiple Hints At Potential New All-Time High
CryptoBullet’s analysis shows how the Puell Multiple has behaved
across different market cycles. Specifically, he noted that
Bitcoin’s bear markets tend to end when the Puell Multiple hits the
Green Zone, when Bitcoin finds a bottom. Once this bottom is
established, the Puell Multiple begins to bounce, indicating the
first significant upward leg in Bitcoin’s price movement. The
significance of the Puell Multiple, according to CryptoBullet, lies
in its pattern of “higher lows” and “higher highs.” After reaching
the Green Zone, Bitcoin’s price often experiences a mid-term
correction that corresponds with the Puell Multiple creating a
higher low. From this point, both the price of Bitcoin and the
Puell Multiple tend to rally upwards, often reaching new highs.
Related Reading: Is The Worst Over For Bitcoin? Analyst Suggests
Local Bottom May Be Here Currently, CryptoBullet believes that
Bitcoin is in the early stages of its next significant leg up. The
higher lows and a potential for higher highs in the Puell Multiple
may signal that both Bitcoin’s price and its market momentum are
aligning for another rally. In the context of Bitcoin’s current
trajectory, this suggests that a potential breakout to a new ATH
could be imminent. Featured image created with DALL-E, Chart from
TradingView
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