đđIs a New Rise Coming for Bitcoin? đđ
On-chain analyst Willy Woo announced that the popular indicator called Puell Multiple shows that Bitcoin bulls should prepare for the next big move. Woo drew attention to this indicator in a post he shared on the social media platform X. Puell Multiple expresses the ratio of the daily Bitcoin issuance value to the 365-day moving average, reflecting the profitability and income pressure of miners.
Woo emphasized that Puell Multiple is still below one, indicating that Bitcoin does not yet have enough momentum for a sustainable rally. However, he stated that preparations are being made for an upward trend. He also stated that BTC stocks on cryptocurrency exchanges are currently in the "neutral decline" phase, but a return due to liquidation is possible.
The fact that Puell Multiple remains below one indicates that Bitcoin is entering a potential accumulation period. The fact that BTC stocks on exchanges remain stable indicates that there is active accumulation in spot markets. If a short squeeze occurs, the market structure may rapidly rise. The bullish pennant in the chart formation indicates a possible upward trend.
At the time of writing, Bitcoin was trading at $62,840 with a slight decrease. Investors can create their strategies by evaluating factors such as mining profitability and BTC flow on exchanges.
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