{"id":470526,"date":"2021-08-31T19:00:25","date_gmt":"2021-08-31T19:00:25","guid":{"rendered":"https:\/\/uniquehot.com\/?p=470526"},"modified":"2024-06-11T13:58:11","modified_gmt":"2024-06-11T13:58:11","slug":"quant-explains-bitcoin-bull-cycle","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/quant-explains-bitcoin-bull-cycle\/","title":{"rendered":"Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1"},"content":{"rendered":"

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.<\/p>\n

The Bull Market Is Not Over, Phase 1 Has Just Begun<\/h2>\n

According to a CryptoQuant analyst<\/a>, 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.<\/p>\n

The puell multiple<\/a> 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.<\/p>\n

P<\/span>u<\/span>e<\/span>ll M<\/span>u<\/span>lt<\/span>i<\/span>pl<\/span>e<\/span>= <\/span><\/span>M<\/span>inin<\/span>g <\/span>R<\/span>e<\/span>v<\/span>e<\/span>n<\/span>u<\/span>e <\/span>U<\/span>S<\/span>D \u00f7 365 MA\u200b <\/span>(<\/span>M<\/span>inin<\/span>g <\/span>R<\/span>e<\/span>v<\/span>e<\/span>n<\/span>u<\/span>e <\/span>USD\u200b<\/span>)<\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span><\/span>\u200b<\/span><\/span><\/span><\/span><\/span><\/span><\/p><\/blockquote>\n

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.<\/p>\n

Since miners<\/a> hold large amounts of Bitcoin, significant selling pressure among them could impact the price of the cryptocurrency on a visible scale.<\/p>\n

Now, here is how the puell multiple changed during the 2011 and 2013 bull cycles:<\/p>\n

\"Bitcoin<\/p>\n

The Puell Multiple vs the Bitcoin price during 2011 and 2013<\/pre>\n
The above graph numbers the different phases of these runs, and the colored zones help reveal the pattern of where the price heads next after touching each.<\/p>\n
Related Reading |\u00a0Why Bitcoin Dominance Could Submit To Altcoin Season Several Months Longer<\/a><\/strong><\/em><\/p>\n
During a mid-cycle top, the price touches the yellow box. An end-of-cycle top is signaled when the value touches the red zone.<\/p>\n
A new cycle doesn’t start until after a mid-cycle top post halving is reached. The below chart shows how the 2017 bull run looked like as well as how the current one may end up looking like:<\/p>\n
\"Bitcoin<\/p>\n
The current Bitcoin bull run has just begun<\/pre>\n
Examining this graph makes it clear that the 2017 cycle also followed a similar pattern for the price vs puell multiple chart.<\/p>\n
Related Reading |\u00a0Bitcoin Mempool Shows Low Demand?, Why Bears Could Stage A Comeback<\/a><\/strong><\/em><\/p>\n
Now, based on this pattern, it looks like the current bull run may only be in the first phase. If a similar trend continues to be followed, BTC should make a large move up next as the coin hits a new ATH.<\/p>\n
Bitcoin Price<\/h2>\n
At the time of writing, BTC’s price<\/a> floats around $47.8k, down 1.5% in the last 7 days. Over the past month, the coin has accumulated 15% in gains.<\/p>\n
Here is a chart for the trend in Bitcoin’s value over the past three months:<\/p>\n
\"Bitcoin<\/p>\n
BTC continues on an overall downtrend | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Unsplash.com, charts from CryptoQuant<\/a>, TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
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 \u00f7 365 MA\u200b (Mining Revenue USD\u200b)\u200b 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 Bitcoin, significant selling pressure among them could impact the price of the cryptocurrency on a visible scale. Now, here is how the puell multiple changed during the 2011 and 2013 bull cycles: The Puell Multiple vs the Bitcoin price during 2011 and 2013 The above graph numbers the different phases of these runs, and the colored zones help reveal the pattern of where the price heads next after touching each. Related Reading |\u00a0Why Bitcoin Dominance Could Submit To Altcoin Season Several Months Longer During a mid-cycle top, the price touches the yellow box. An end-of-cycle top is signaled when the value touches the red zone. A new cycle doesn’t start until after a mid-cycle top post halving is reached. The below chart shows how the 2017 bull run looked like as well as how the current one may end up looking like: The current Bitcoin bull run has just begun Examining this graph makes it clear that the 2017 cycle also followed a similar pattern for the price vs puell multiple chart. Related Reading |\u00a0Bitcoin Mempool Shows Low Demand?, Why Bears Could Stage A Comeback Now, based on this pattern, it looks like the current bull run may only be in the first phase. If a similar trend continues to be followed, BTC should make a large move up next as the coin hits a new ATH. Bitcoin Price At the time of writing, BTC’s price floats around $47.8k, down 1.5% in the last 7 days. Over the past month, the coin has accumulated 15% in gains. Here is a chart for the trend in Bitcoin’s value over the past three months: BTC continues on an overall downtrend | Source: BTCUSD on TradingView Featured image from Unsplash.com, charts from CryptoQuant, TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":470535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,11614,1119,1144],"class_list":["post-470526","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bull","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nQuant Explains Why Bitcoin Bull Cycle Is Only In Phase 1<\/title>\n<meta name=\"description\" content=\"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. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1","url":"http:\/\/uniquehot.com\/news\/quant-explains-bitcoin-bull-cycle\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/quant-explains-bitcoin-bull-cycle\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/jan-jakub-nanista-xqjO-lx39B4-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/jan-jakub-nanista-xqjO-lx39B4-unsplash-scaled.jpg?fit=2560%2C1701"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin bull","btc","btcusd"],"dateCreated":"2021-08-31T19:00:25Z","datePublished":"2021-08-31T19:00:25Z","dateModified":"2024-06-11T13:58:11Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Quant Explains Why Bitcoin Bull Cycle Is Only In Phase 1\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/quant-explains-bitcoin-bull-cycle\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/quant-explains-bitcoin-bull-cycle\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/jan-jakub-nanista-xqjO-lx39B4-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2021\\\/08\\\/jan-jakub-nanista-xqjO-lx39B4-unsplash-scaled.jpg?fit=2560%2C1701\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin bull\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-08-31T19:00:25Z\",\"datePublished\":\"2021-08-31T19:00:25Z\",\"dateModified\":\"2024-06-11T13:58:11Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2021\/08\/jan-jakub-nanista-xqjO-lx39B4-unsplash-scaled.jpg?fit=2560%2C1701","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/470526"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=470526"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/470526\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/470535"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=470526"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=470526"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=470526"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}