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Bitcoin Puell Multiple Dips Into Bullish Territory: Is A Breakout Coming?
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin’s Puell Multiple Dips Into Bullish Territory: Is A Breakout Coming?

Samuel Edyme
Samuel Edyme
8 months ago
3 mins read
Bitcoin Puell Multiple Dips Into Bullish Territory: Is a Breakout Coming?

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The Bitcoin Puell Multiple, a key on-chain metric used to assess the profitability of Bitcoin miners, is currently signaling a potential bullish reversal for the leading cryptocurrency.

According to a CryptoQuant analyst under the pseudonym Darkfost, this metric has recently dipped into the “green zone,” a signal historically associated with upward price movements for Bitcoin. The analyst shared these insights earlier today on the CryptoQuant QuickTake platform.

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Detailing The Green Zone And Its Implication For Bitcoin’s Price

The Puell Multiple measures the relationship between Bitcoin miners’ short-term revenue and average earnings over the past year. By comparing these figures, the metric offers a glimpse into the overall profitability of miners and its potential impact on the broader market.

Miners, as key participants in the Bitcoin ecosystem, influence market supply, and their decision to either hold or sell mined Bitcoin can trigger significant price movements.

The Puell Multiple is divided into two primary zones that provide crucial market insights: the “red zone” and the “green zone.” The red zone, characterized by a value above 4, according to the CryptoQuant analyst, indicates that miners are generating substantial profits.

When miners are highly profitable, they are more likely to sell their Bitcoin holdings, which can lead to increased market supply and downward pressure on the price. Historically, reaching the red zone has often preceded a market correction.

On the other hand, the green zone, defined as values below 0.5, indicates that miners are operating with very low profitability or even at a loss. When miners struggle to break even, they may reduce their operations or shut down their mining rigs altogether.

This can decrease selling pressure in the market, often creating conditions for a bullish reversal. According to Darkfost, the Puell Multiple recently hit 0.5, signaling that miners are currently in the green zone—a strong indicator that the market could be poised for an upward shift.

Bitcoin Current Market Performance And Outlook

While an upward momentum may be certain for BTC, given the current trend in its Puell Multiple metrics, the asset’s performance over the past few days has been quite appealing.

Particularly, following the US announced decision on the Fed rate cut last Thursday, Bitcoin has seen a consistent increase in price day after day, which has now brought its uptick in the last week to nearly 10%.

Bitcoin (BTC) price chart on TradingView
BTC price is moving upwards on the 2-hour chart. Source: BTC/USDT on TradingView.com

Currently, the asset trades for $62,830. This trading price comes against the backdrop of Bitcoin seeing a slight dip of 0.4% over the past day.

Related Reading

Bitcoin Price Eases Off Highs

Bitcoin Price Eases Off Highs: Will Gains Be Cut Further?

8 months ago

Regarding prospects, renowned crypto analyst Ali on X has recently shared his outlook on Bitcoin, disclosing that if BTC follows the last two cycles, a market top could occur by October 2025.

If this #Bitcoin cycle follows the last two, we could see a market top in about a year, around October 2025! pic.twitter.com/JJGpRcHbOA

— Ali (@ali_charts) September 24, 2024

Featured image created with DALL-E, Chart from TradingView

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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