Top Quant uses the puell multiple to point out a pattern that explains why the current Bitcoin bull cycle is only in the first phase.
The Bull Market Is Not Over, Phase 1 Has Just Begun
According to a CryptoQuant analyst, past cycles show that the current Bitcoin bull market isn’t over yet. The puell multiple seems to reveal where the price might head next.
The puell multiple is a BTC indicator used to tell how healthy miners’ revenue is. It’s calculated by dividing the mining revenue by the 365-day moving average (MA) of the same.
Puell Multiple= Mining Revenue USD ÷ 365 MA (Mining Revenue USD)
With the help of the metric, it becomes possible to say how much selling pressure miners are facing. When the indicator has high values, miner revenue is relatively healthy, thus miners aren’t compelled to sell. While low values could suggest they are facing considerable selling pressure.
Since miners hold large amounts of