Puell Multiple Says Bitcoin Is Trading At A Discount Right Now
Summary
The Bitcoin Puell Multiple, an on-chain indicator tracking miners' revenue, has fallen into undervalued territory due to a sharp drop in its 7-day moving average. This decline is attributed to the recent Halving event, which permanently reduces block rewards. Despite the cryptocurrency's price remaining relatively stable, the Puell Multiple's decrease suggests a potential market adjustment to scarcity, possibly signaling a forthcoming rally. As of now, Bitcoin is trading at around $67,800, marking a 5% increase over the past week.
