Willy Woo, Puell Multiple'ın Bitcoin$BTC
He said that it signals buying opportunities for. BTC stocks on exchanges are currently in a neutral downtrend, but there is a possibility of an uptrend in the coming days. Bitcoin is currently trading at $62,840 and is in a slight decline.
On-chain analyst Willy Woo noted that a popular indicator suggests bulls should prepare for the next bullish move for Bitcoin at $62,787. Posting on social media platform X, Woo drew attention to the Puell Multiple indicator, which is often used to predict Bitcoin peaks. The Puell Multiple is the ratio of the daily cryptocurrency issuance value to the 365-day moving average, reflecting the profitability and revenue stress of miners. Woo edited the chart to make the indicator more understandable, indicating the points where it went from rising to falling.
Noting that the Puell Multiple is still below 1, Woo stated that this shows that Bitcoin does not yet have enough momentum for a sustainable rally, but it can prepare for an upward trend.
BTC Stocks on Exchanges and Market Expectations
Woo said that the price movements of BTC inventory on crypto exchanges are “bearish neutral,” but a reversal due to liquidation is possible.
Willy Woo predicts that the bullish movement will probably continue for another week in the short term. In the medium term, he notes that a lot of spot BTC has been collected; he emphasizes that the exchange inventory remains stable, but this can change quickly if there is a short squeeze. The chart pattern forms a bullish pennant. The current supply and demand situation is neutral bearish, but there are signs of a transition to an upward structure with some liquidation. Woo expressed that he is cautiously optimistic in the face of this situation.
At the time of writing, Bitcoin was trading at $62,840, down slightly on the day. The Puell Multiple has historically been considered a key indicator of Bitcoin’s price movements. Current data could indicate a period of reaccumulation that could draw the attention of bulls. Investors can determine their strategies by considering factors such as mining profitability and BTC flow on exchanges.
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