The Bitcoin Puell Multiple dips into bullish territory and what it could signal:
📊 What Is the Puell Multiple?
The Puell Multiple measures the ratio of daily BTC miner revenue to the 365-day average.
It helps identify miner profitability — and indirectly, market tops and bottoms.
🔴 Overheated zone (>4.0) = Market tops, overbought
🟢 Undervalued zone (<0.5) = Market bottoms, accumulation
✅ Current Signal: Bullish Dip
As of now, the Puell Multiple is dipping below or near 1.0, signaling:
📉 Reduced miner selling pressure
📦 Accumulation likely happening behind the scenes
🧘♂️ Miners holding BTC — expecting higher prices
🧠 Historically, these dips have preceded major breakouts
🔎 What It Might Mean:
Miners aren’t rushing to sell, despite higher prices — bullish signal
Supply-side pressure is easing, increasing breakout potential
Supports the case for a rally continuation toward $110K+ if demand holds
🧭 Is a Breakout Coming?
🟢 Yes — potentially, but only if:
$BTC stays above key support (e.g., $100K psychological level)
No macro/Fed shocks derail momentum
Spot ETF inflows and institutional interest remain strong
⚠️ Final Take:
The Puell Multiple is one of the most reliable on-chain indicators for identifying BTC undervaluation.
Current levels suggest we're in the early or mid-phase of a larger uptrend — not at the peak yet.
📈 Watch for volume spikes, ETF flows, and miner behavior — the next move might be big.
