{"id":517147,"date":"2023-01-23T16:00:01","date_gmt":"2023-01-23T21:00:01","guid":{"rendered":"https:\/\/uniquehot.com\/?p=517147"},"modified":"2024-06-11T11:30:36","modified_gmt":"2024-06-11T11:30:36","slug":"bitcoin-puell-multiple-bear-bull-rally","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-puell-multiple-bear-bull-rally\/","title":{"rendered":"Bitcoin Puell Multiple Starts To Leave Bear Market Zone, Bull Rally Here?"},"content":{"rendered":"

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.<\/p>\n

Bitcoin Puell Multiple 365-Day Rate Of Change Has Shot Up<\/h2>\n

As pointed out by an analyst in a CryptoQuant post<\/a>, this could be one of the first indications of the return of the bull market. The “Puell Multiple<\/a>” 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.<\/p>\n

When the value of this metric is greater than 1, miners<\/a> are making more income than the yearly average right now. On the other hand, values below the threshold imply the revenues of these chain validators is less than usual.<\/p>\n

As miner revenues shift, these holders become more or less likely to sell BTC (depending on which way of the break-even mark the ratio has swung in), which is a factor that can affect the price of the crypto. Thus, when the Puell Multiple is greater than 1, BTC may be considered overvalued, while being lesser than this value might suggest the coin is undervalued.<\/p>\n

The relevant indicator here is not the Puell Multiple itself but its rate of change (RoC). The RoC displays the speed at which any metric changes its value over a defined period.<\/p>\n

Related Reading: Bitcoin Bullish Signal: Whales Go On $1.4B Buying Spree<\/a><\/div>\n

In particular, the 365-day RoC of the Puell Multiple is of interest in the current discussion. Here is a chart that shows the trend in this indicator over the course of the different Bitcoin cycles:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the metric has spiked in recent days | Source: CryptoQuant<\/a><\/pre>\n
In the above graph, the quant has marked the relevant zones for the Bitcoin Puell Multiple 365-day RoC. It seems like tops have taken place in the crypto price whenever the metric has touched the red line, while mid-cycle highs have been set around the orange line.<\/p>\n
And it would appear that bear markets have lasted while the indicator has been around the green line. It also looks like transitions to and from bear markets have generally followed the dotted line historically.<\/p>\n
Related Reading: Bearish Indicator: Are Big Players No Longer Interested In Bitcoin?<\/a><\/div>\n
Recently, as Bitcoin has sharply rallied, miner revenues have also shot up, leading to the Puell Multiple also observing a rise. As the chart displays, the 365-day RoC of the indicator has naturally seen some rapid rise in recent days.<\/p>\n
With this spike, the metric has finally crossed above the dotted line, which could mean, if the past pattern is anything to go by, that the bear market may be coming to an end, and the crypto might have started transitioning towards a bullish trend<\/a>. The analyst notes, however, that it will still take some more price action before this breakout can be fully confirmed.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $22,800, up 9% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
The value of the crypto seems to have been moving sideways in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Dylan Leagh on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/div>\n","protected":false},"excerpt":{"rendered":"
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. 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 validators is less than usual. As miner revenues shift, these holders become more or less likely to sell BTC (depending on which way of the break-even mark the ratio has swung in), which is a factor that can affect the price of the crypto. Thus, when the Puell Multiple is greater than 1, BTC may be considered overvalued, while being lesser than this value might suggest the coin is undervalued. The relevant indicator here is not the Puell Multiple itself but its rate of change (RoC). The RoC displays the speed at which any metric changes its value over a defined period. Related Reading: Bitcoin Bullish Signal: Whales Go On $1.4B Buying Spree In particular, the 365-day RoC of the Puell Multiple is of interest in the current discussion. Here is a chart that shows the trend in this indicator over the course of the different Bitcoin cycles: Looks like the value of the metric has spiked in recent days | Source: CryptoQuant In the above graph, the quant has marked the relevant zones for the Bitcoin Puell Multiple 365-day RoC. It seems like tops have taken place in the crypto price whenever the metric has touched the red line, while mid-cycle highs have been set around the orange line. And it would appear that bear markets have lasted while the indicator has been around the green line. It also looks like transitions to and from bear markets have generally followed the dotted line historically. Related Reading: Bearish Indicator: Are Big Players No Longer Interested In Bitcoin? Recently, as Bitcoin has sharply rallied, miner revenues have also shot up, leading to the Puell Multiple also observing a rise. As the chart displays, the 365-day RoC of the indicator has naturally seen some rapid rise in recent days. With this spike, the metric has finally crossed above the dotted line, which could mean, if the past pattern is anything to go by, that the bear market may be coming to an end, and the crypto might have started transitioning towards a bullish trend. The analyst notes, however, that it will still take some more price action before this breakout can be fully confirmed. BTC Price At the time of writing, Bitcoin is trading around $22,800, up 9% in the last week. The value of the crypto seems to have been moving sideways in the last few days | Source: BTCUSD on TradingView Featured image from Dylan Leagh on Unsplash.com, charts from TradingView.com, CryptoQuant.com<\/p>\n","protected":false},"author":542,"featured_media":517199,"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":[428,7104,85674,11680,86446,1119,1144],"class_list":["post-517147","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bear-market","tag-bitcoin-bull-rally","tag-bitcoin-bullish","tag-bitcoin-puell-multiple","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Puell Multiple Starts To Leave Bear Market Zone, Bull Rally Here?<\/title>\n<meta name=\"description\" content=\"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. 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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":"Bitcoin Puell Multiple Starts To Leave Bear Market Zone, Bull Rally Here?","url":"http:\/\/uniquehot.com\/news\/bitcoin-puell-multiple-bear-bull-rally\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-puell-multiple-bear-bull-rally\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/dylan-leagh-qnVXHhUP0xU-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/dylan-leagh-qnVXHhUP0xU-unsplash-scaled.jpg?fit=2560%2C1707"},"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 bear market","bitcoin bull rally","bitcoin bullish","bitcoin puell multiple","btc","btcusd"],"dateCreated":"2023-01-23T21:00:01Z","datePublished":"2023-01-23T21:00:01Z","dateModified":"2024-06-11T11:30:36Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Puell Multiple Starts To Leave Bear Market Zone, Bull Rally Here?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-puell-multiple-bear-bull-rally\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-puell-multiple-bear-bull-rally\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/dylan-leagh-qnVXHhUP0xU-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/dylan-leagh-qnVXHhUP0xU-unsplash-scaled.jpg?fit=2560%2C1707\"},\"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 bear market\",\"bitcoin bull rally\",\"bitcoin bullish\",\"bitcoin puell multiple\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-01-23T21:00:01Z\",\"datePublished\":\"2023-01-23T21:00:01Z\",\"dateModified\":\"2024-06-11T11:30:36Z\"}<\/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\/2023\/01\/dylan-leagh-qnVXHhUP0xU-unsplash-scaled.jpg?fit=2560%2C1707","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/517147"}],"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=517147"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/517147\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/517199"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=517147"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=517147"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=517147"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}