Bitcoin Puell Multiple Starts To Leave Bear Market Zone, Bull Rally Here?

Bitcoin Puell Multiple Starts To Leave Bear Market Zone, Bull Rally Here?


On-chain data shows the annual rate of change in the Bitcoin Puell Multiple has exited the bear market zone, a sign that a bull rally may be here.

Bitcoin Puell Multiple 365-Day Rate Of Change Has Shot Up

As pointed out by an analyst in a CryptoQuant post, this could be one of the first indications of the return of the bull market. The “Puell Multiple” is an indicator that measures the ratio between the daily Bitcoin mining revenue (in USD) and the 365-day moving average (MA) of the same.

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When the value of this metric is greater than 1, miners are making more income than the yearly average right now. On the other hand, values below the threshold imply the revenues of these chain

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