The Bitcoin market has seen an upward trend in the past 24 hours, reaching a high of $24,000 earlier today. With the current price trading at around $23,869 in the Asian market, the market has seen a 3% increase. Market analysts predict further growth in the future, driven by both fundamental and technical factors.
Bitcoin Price Outlook from Puell Multiple’s Perspective
One such indicator that maps out Bitcoin price is the Puell Multiple. This is calculated by dividing the daily value of Bitcoins in U.S. dollars by the 365-day moving average of its daily value. According to the Puell Multiple, there may be relief on the horizon for Bitcoin miners who have been under increased sell pressure in the past year.
In the past, every time the Puell Multiple entered the green zone, it resulted in significant returns in the following months. Currently, the Puell Multiple has been in the green zone for 191 days, which suggests further upside movement in the price of Bitcoin. Philip Swift, the founder of lookintobitcoin.com, highlighted the relief for miners, stating that
“the Puell Multiple shows recent relief for Bitcoin miners. After 191 days in the capitulation zone, the Puell Multiple has rallied, showing relief for miners via increased revenue and likely reduced sell pressure.”
If Bitcoin continues to rally, this could trigger a pump in other cryptocurrency markets, including meme coins such as Dogecoin, Shiba Inu, and Baby Dogecoin. Additionally, a study has shown that more money is flowing from large caps to lower caps. Overall, the outlook for Bitcoin remains positive, with market indicators pointing to further growth in the near future.
Source: https://coinpedia.org/bitcoin/bitcoin-btc-price-set-to-surge-high-as-miners-halt-selling/