Bitcoin’s Puell Multiple Signals A Bullish Surge: Could A New ATH Be Near? 📈

Bitcoin has been struggling to surpass the $70,000 mark, yet it remains steady above $60,000. Analysts anticipate when it might embark on a significant upward rally. CryptoBullet highlights the Puell Multiple, an indicator suggesting Bitcoin may be nearing a new ATH.

The Puell Multiple, calculated as the daily issuance of Bitcoin in USD divided by the 365-day moving average, helps assess miners' profitability and influence on Bitcoin’s price. Historically, when the indicator enters its 'Green Zone,' it hints at Bitcoin reaching a market bottom, often followed by a notable upward trend.

According to CryptoBullet, Bitcoin's price tends to experience a mid-term correction when the Puell Multiple reaches the Green Zone, but then rallies upwards, frequently attaining new highs. His analysis suggests Bitcoin could be in the early stages of its next major upward move, with a new ATH possible.