Bitcoin Puell Multiple Forecasts Rising Bitcoin Puell Multiples, an important on-chain metric, suggests the current correction phase of the current bull market may be over. Historically, a sharp drop in the Puell Multiple has foreshadowed a strong rise in price, as seen in previous bull cycles in 2016 and 2020.

In June 2024, miners have experienced significant losses since the block reward halving in April, with profitability falling by 7.8%. Miners’ daily revenue fell from $78 million to $26 million, highlighting the market pressure on miners.

Despite the decline, a deeper look at on-chain data suggests we are still in the early stages of a new bull cycle compared to previous cycles. Cycles in the cryptocurrency market typically begin after the block reward halving and last for more than 500 days on average.

Currently, only 79 days have passed since the block reward halving in April, suggesting that this bull run still has a long way to go. This view offers hope to long-term investors who may see current market conditions as an entry point.

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