The Bitcoin Puell Multiple is currently displaying a pattern that historically indicates a bullish opportunity for the cryptocurrency. This on-chain indicator, which measures the ratio between Bitcoin miner revenue and the 365-day MA, is crucial in determining the profitability of mining. When the Puell Multiple exceeds 1, miners are earning more than the average, potentially leading to overvaluation. Conversely, a value below 1 suggests decreased profitability and mining distress. The recent drop in the Puell Multiple to 0.7 can be attributed to the fourth Halving event, which halves block rewards every four years. Historical data shows that such declines in miner revenue have preceded significant price surges in Bitcoin. Analysts predict a potential bull rally in the third quarter of 2024 based on this trend. Despite attempts at recovery, Bitcoin has struggled to surpass $57,300. Read more AI-generated news on: https://app.chaingpt.org/news