Last chance to buy Bitcoin at a discount? Puell Multiple hints at a bullish outlook
Bitcoin (BTC) has been lingering in a price range for more than six months, and market observers believe that this state is about to end. Analysts predict that BTC prices could break $90,000 in the fourth quarter of 2024.
According to analyst Crypto Con, the Puell Multiple indicator shows that we are in a "mid-top adjustment" phase, which usually indicates that a bull market is coming. The indicator is based on miner profitability and helps to judge the top and bottom of the market cycle.
Another analyst, Willy Woo, pointed out that the best time to buy Bitcoin is at the bottom, and the second best time is to re-accumulate after the halving. The current price range is part of this stage.
Market experts are optimistic about the outlook for 2025, and Geoff Kendricks of Standard Chartered Bank predicts that BTC may reach $200,000 by the end of 2025, and if Trump wins the 2024 election, it may climb to $125,000 by the end of the year.
Despite the optimistic forecast, it is still necessary to pay attention to the impact of geopolitical and other macro factors on the market.
