The Rise in Bitcoin Will Continue: Prices at Their Peak But the Critical Indicator 'Discount' is Signaling!

Although the price of Bitcoin (BTC) has surpassed 108 thousand dollars, setting a new historical peak, the Puell Multiple, an important market indicator, is still hovering near levels considered to be in the 'discount zone'.

Recently, the price of Bitcoin has crossed a significant milestone, leaving the 108 thousand dollar level behind. This record price level indicates that the upward momentum in the market is ongoing and that investors are generally optimistic. According to an article published by a CryptoQuant analyst, it is noteworthy that the Puell Multiple indicator, which measures miners' daily earnings against the annual average, is still below the level of 1.40.

The Puell Multiple remaining at these levels indicates that despite the rise in Bitcoin prices, 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 influential behind this situation. Furthermore, the reduction in block rewards after the halving event in April 2024 is also putting pressure on miner profitability.

Historically, a Puell Multiple value remaining below 1.0 is associated with periods of 'accumulation and discount' in the Bitcoin market. It is quite rare for this indicator to remain at low levels even as Bitcoin reaches new peaks. Therefore, it is speculated that the market has not yet fully entered a phase of enthusiasm and that there is still potential for further rises.

Experts believe that this situation may present a significant opportunity window for investors. Despite high price levels, the fact that fundamental indicators remain at conservative levels suggests that we might still be in the middle of a bull cycle. If miners' revenues begin to rise again, we could see new peaks in Bitcoin prices in the coming months.