Puell Multiple Analysis Signals Time is Ticking for Purchasing Discounted Bitcoin
Bitcoin [BTC] has been stagnant within a volatile price range for more than half a year, causing certain traders and investors to remain on the sidelines. However, despite a recent surge to $64K following the Fed pivot last week, some market analysts remain wary of a potential U.S. economic downturn.
Nonetheless, Crypto Con, a Bitcoin analyst, identified through Puell Multiple’s historical trends that the monotonous price range might come to an end soon. According to him,
“The stages indicated by Puell Multiple clearly suggest that we are currently in a mid-top correction phase, signaling the arrival of the actual bullish phase.”
Puell Multiple, a metric that assesses market cycle tops and bottoms based on miner profitability, also serves as a BTC valuation indicator determining market overheating levels. The current ‘mid-top correction end’ symbolizes the second-best opportunity to acquire discounted BTC before the next surge. Willy Woo, another BTC analyst, shared a similar sentiment, referencing Dr. David Puell’s famous quote,
“Dr. Puell’s renowned saying advises that the best time to purchase #Bitcoin is at its lowest, followed by the post-halving re-accumulation phase as the second-best opportunity.”
The green bubbles depict cycle bottoms, while the orange bubbles represent the post-halving re-accumulation phase. The price range BTC has been trading within since April falls within the post-halving range.
In essence, this could potentially be the final and most favorable opportunity to buy BTC if a parabolic rise commences in the next few weeks. Various market pundits have increasingly shared optimistic forecasts for Q4 and 2025.
Geoff Kendricks, the Head of Digital Asset Research at Standard Chartered, forecasted that BTC might soar to $200K by the conclusion of 2025, regardless of the outcome of the U.S. elections. Kendricks also suggested that the asset could reach $125K by the end of 2024 in the event of a Trump victory.
Similarly, Market analyst Stockmoney Lizards estimated that BTC could reach $90K—$100K between Q4 2024 and early 2025.
However, it is important to note that past performance does not necessarily predict future results in the realm of Bitcoin. Furthermore, geopolitical and macroeconomic developments could also have an impact on these forecasts. Therefore, staying updated on these factors alongside expert insights is imperative for potential investors.