A rare signal for Bitcoin: A rally is imminent!
On-chain analysis platform CryptoQuant has claimed that Bitcoin (BTC) has formed a rare bullish formation.
Although the impact of the US elections is slowly fading, the BTC price is trading above $90,000. While
#Trump is expected to take office on January 20, the crypto market is expected to remain positive during this process.
A rare breakout has emerged in
#BTC price chart measurements. CryptoQuant stated in its analysis published on November 18 that Bitcoin is blinking at a “strong rally.”
According to the analysis, the BTC price is approaching the breakout line in the “Puel Multiple” indicator. It is estimated that the price will increase by nearly 90 percent if the breakout occurs.
Analyzing the results of the Puel Multiple over the last five years, CryptoQuant discovered that the metric has crossed its 365-day moving average only three times.
#BTC made a significant increase in all three of these breakouts.
CryptoQuant analyst Burakkesmeci, who made statements on the subject, said; “Puell Multiple helps us understand market cycles from a mining perspective.”
It was stated that $BTC increased by 76 percent in January 2024, when the Puell Multiple metric was last seen. In January 2020, when the metric showed an upward break, the BTC price increased by 113 percent. The third and last data was in March 2019. On the said date, the $BTC price increased by 83 percent after the golden intersection created by Puell Multiple.
The analysis touched on the following; “All these data points and the macroeconomic framework indicate that a strong bull rally may be on the horizon”
