According to Cointelegraph, CryptoQuant’s analysis shows that Bitcoin’s Puell Multiple indicator is about to break through, which could trigger a sharp price increase.
The Puell Multiple is a key metric used to assess mining profitability. Historical data shows that when the metric crosses above its 365-day moving average, BTC prices rise by about 90% on average.
The analysis noted that similar breakouts in March 2019, January 2020, and January 2024 brought gains of 83%, 113%, and 76%, respectively.
In addition, market analysts believe that Bitcoin’s bull run has just begun and it is expected that it may reach a record high within the next 300 days.
