Over the past five years, the Puell Multiple has crossed its 365-day moving average three times, each time sparking Bitcoin's rally:

- March 30, 2019: Bitcoin increased by 83%.

- January 8, 2020: Bitcoin rises 113%.

- January 9, 2024: Bitcoin increased by 76%.

The Puell Multiple, a key indicator for mining profitability, shows that after crossing the SMA365, Bitcoin has historically grown by an average of 90%.

These data and macroeconomic conditions hint at a possible bull market. While you shouldn't rely on just one indicator, historical data and a potential increase in liquidity point to possible upside for Bitcoin.