Bitcoin price expected to recover to $58,000, multiple signals indicate a bull run is coming Bitcoin

Among them, Bitcoin’s Puell Multiple indicates that the current market correction may be coming to an end, and the indicator has historically been effective in predicting multiple uptrends, as observed in previous cycles in 2016 and 2020.

Current patterns suggest a bullish wave may be coming in the third quarter of 2024, giving investors hope.

The impact of miner profitability on Puell Multiple is significant. In the past month, the daily income of Bitcoin miners has dropped sharply to US$26 million, which is far lower than the US$78 million before the halving event in April.

This situation typically marks a market near a bottom, paving the way for a market recovery and subsequent price increases.

On the other hand, the number of non-empty Bitcoin wallets has decreased by 566,000 since June 15, to 54.09 million.

This decrease is primarily due to the liquidation of short-term investors, often referred to as weak hands. These investors typically exit during market volatility, creating a more favorable environment for patient long-term investors. The layout is ongoing, communication +: GOOOKOOOY welcomes everyone to actively participate and witness the miraculous moment together

The impact of market sentiment and buying opportunities is a positive sign for patient investors, as historical data shows that a decrease in the number of non-empty wallets typically indicates that Bitcoin prices are hitting a low due to fear, uncertainty, and doubt (FUD). end.

Additionally, the 30-day and 365-day Bitcoin MVRV (market value to actual value) indicators are currently in negative territory, further confirming that now may be the best time to buy strategically.

To sum up, the latest on-chain data and market indicators indicate that the current Bitcoin market adjustment may be coming to an end, indicating that the third quarter of 2024 may usher in a bull market.

The decline in miner profitability and the significant reduction in non-empty wallets indicate that the market may be bottoming out and provide a buying opportunity.

Investors who recognize these signs and act strategically could be rewarded handsomely as the market prepares for its next bull phase.

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