This Legendary Bitcoin Metric Is Giving Green Light For Bullish Action, Quant Explains
Summary
Bitcoin's Puell Multiple, an on-chain indicator tracking miners' revenue, is at 0.8, indicating they are earning less than the yearly average. This plunge is attributed to the recent Halving event, which permanently halves mining rewards. Historically, when the Puell Multiple hits similar levels, Bitcoin's price takes a breather before entering bullish territory. Despite a failed recovery run, Bitcoin's price is at $61,300 after briefly surpassing $64,000.
