A Rare Bitcoin Signal Is Flashing: Could the Bull Run Just Be Getting Started?
Bitcoin's market price has dropped to just under $106,000, reflecting a 1.8% decrease in 24 hours and approximately 6% below its all-time high of over $111,000. The Puell Multiple, which assesses Bitcoin's valuation relative to miner income, remains below 1.40, indicating miner revenues have not kept pace with price increases. Current readings suggest miner profitability is lagging despite high prices, contrasting with previous bull cycles where elevated prices coincided with increased miner earnings. The April 2024 Bitcoin halving has reduced block rewards, further suppressing miner income. Institutional inflows from spot Bitcoin ETFs and reduced selling by long-term holders may be driving demand without boosting miner profitability. This environment indicates a potential for continued growth if miner revenues align with demand increases, suggesting the market is not yet in a speculative excess phase.
