Puell Multiple Index Sheds Light on Potential Bitcoin Buying Opportunity

IconCryptoNewsTerminal Staff08 Jul, 2024

cryptonews.jpg

Puell Multiple Index Sheds Light on Potential Bitcoin Buying Opportunity

Crypto analyst Crypto Dan, known for his astute content on Coinもち (CC), has identified a significant drop in the Puell Multiple Index, an on-chain indicator of miner profitability. This decline, as per Dan, presents a favorable opportunity for buying Bitcoin (BTC) within an uptrending market cycle. The Puell Multiple Index is commonly used to identify potential market bottoms in bear markets and correction phases in bull markets. Notably, during the uptrends of 2016 and 2020, similar steep declines in this index preceded substantial rallies in Bitcoin's price. As the index exhibits a comparable pattern during the current uptrend, there's a high likelihood of an upswing in the price of Bitcoin in the upcoming quarter (Q3). This insight offers valuable guidance for investors seeking to make informed decisions about their Bitcoin holdings.

Related News