Bitcoin’s Puell Multiple Indicator Signals Potential Rally: Stay Alert for BTC! 🚀

  • Bitcoin may be gearing up for a new rally according to the Puell Multiple indicator.
  • The Puell Multiple measures the ratio between miners’ daily revenue and the 365-day moving average.
  • A sharp drop in miners’ daily income leads to a decrease in the Puell Multiple indicator.
  • Following the halving in April, the block reward for miners decreased from 6.25 BTC to 3.125 BTC, and the daily newly mined Bitcoin amount dropped to 450.
  • According to a CryptoQuant analyst, the Puell Multiple indicator currently indicates that Bitcoin is cheap. The analyst stated that investors might interpret the decrease in Puell Multiple as the market adapting to a potential new scarcity phase and preparing for a rally.

Bitcoin Puell Multiple Indicator Suggests Potential Rally Ahead

Mining Rewards Halving Impact on Bitcoin’s Price

The recent halving event has significantly reduced miners’ rewards, leading to a decreased daily production of Bitcoin. This reduction in supply could potentially drive up the demand for Bitcoin, pushing its price higher in the market.

Market Optimism Amidst Puell Multiple’s Signal

The Puell Multiple’s signal of Bitcoin being undervalued has sparked optimism among investors. With the possibility of a new rally on the horizon, traders are carefully monitoring the market dynamics and adjusting their strategies accordingly.

Conclusion

In conclusion, the Puell Multiple indicator’s indication of Bitcoin’s affordability coupled with the recent mining reward halving sets the stage for a potential price surge. Investors are advised to stay vigilant and capitalize on the upcoming market movements.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news.

BREAKING NEWS

Bitcoin Spot ETF Sees Massive $490 Million Inflow: BlackRock’s IBIT Leads the Way

Recent analysis by COINOTAG on November 23rd highlighted a...

Ethereum Spot ETF Sees Massive $92.3 Million Net Inflows, Led by BlackRock and Fidelity

On November 23rd, data sourced from Farside Investors and...

MARA Invests $550 Million in Bitcoin (BTC), Boosting Holdings to 33,875 BTC Amid Record Financing

On November 23, COINOTAG reported that crypto mining giant...

Democratic SEC Commissioner Jaime Lizárraga Resigns, Leaving Trump with Opportunity to Reshape SEC Majority

In a significant development for the U.S. Securities and...

ZKasino’s Alarming Embezzlement: 5,270 ETH and 11.5M DAI Manipulated for On-Chain Leverage Long ETH

On November 23rd, COINOTAG News reported a concerning development...
spot_imgspot_imgspot_img

Related Articles

spot_imgspot_imgspot_imgspot_img

Popular Categories

spot_imgspot_imgspot_img