Rise in Bitcoin Will Continue: Price at Its Peak but Critical Indicator Signals 'Cheapness'!
Although the price of Bitcoin (BTC) has exceeded $108,000, setting a new historical peak, a significant market indicator, the Puell Multiple, is still hovering near levels considered to be in the 'discount zone'.
In recent days, the price of Bitcoin has surpassed an important milestone, breaking the $108,000 level. This record price level indicates that the upward momentum in the market continues and that investors are generally optimistic. According to an article published by a CryptoQuant analyst, the fact that the Puell Multiple, which measures miners' daily earnings against the annual average, is still below the level of 1.40 is noteworthy.
The Puell Multiple remaining at these levels indicates that despite the rise in Bitcoin's price, miner revenues have not yet increased at the same pace. It is suggested that external factors such as institutional demand, ETF investments, or tightening supply in circulation may be influencing this situation. Particularly, the decrease in block rewards following the halving event in April 2024 has also pressured miner profitability.
Historically, a Puell Multiple value remaining below 1.0 is associated with periods of 'accumulation and cheapness' in the Bitcoin market. It is quite rare for this indicator to stay at low levels even as Bitcoin reaches new peaks. Therefore, it is suggested that the market has not yet fully entered a phase of exuberance and that there is still potential for further increases.
Experts believe that this situation may present a significant window of opportunity for investors. Despite the high price levels, the fact that fundamental indicators remain at conservative levels suggests that we may still be in the middle of a bull cycle. If miner revenues begin to rise again, we could see new peaks in the price of Bitcoin in the coming months.
