Bitcoin's Puell Multiple: A Strong Buying Signal for 2023
CryptoNewsTerminal Staff12 Sep, 2024
Bitcoin's Puell Multiple: A Strong Buying Signal for 2023
## Bitcoin's Puell Multiple: A Strong Buying Signal for 2023 Bitcoin's Puell Multiple (PM) is a technical indicator that measures the profitability of Bitcoin miners. It is calculated by dividing the daily average Bitcoin mining revenue by the daily average mining electricity cost. A low PM value indicates that miners are struggling to make a profit, which can be a sign of a buying opportunity. On January 25, 2023, the PM dropped to 0.4 for the first time since late 2022. This indicates that Bitcoin miners are currently facing significant financial pressure. This could be a sign that a bottom is forming in the Bitcoin market and that a major rally is about to begin. In addition to the PM, there are several other technical indicators that are currently flashing bullish signals for Bitcoin. These include the Relative Strength Index (RSI), the Stochastic Oscillator, and the Moving Average Convergence Divergence (MACD). Based on these technical indicators, it is possible that Bitcoin is about to embark on a major bull run in 2023. Investors should keep a close eye on the PM and other technical indicators for confirmation.
