According to the crypto data platform Glassnode, Bitcoin’s “Puell Multiple” indicator fell into the green zone for the first time since January 2019, and this may indicate a buying opportunity. Following the sharp decline in mining rewards, given the previous cycles, a run for Bitcoin reminiscent of the old bull seasons may begin.
According to research firm Glassnode; Bitcoin’s “Puell Multiple” indicator fell into the green zone for the first time since January 2019. Therefore, the firm states that during this period, it will be possible to accumulate good BTC for large revenues to be generated later.
“Bitcoin Puell Multiple fell into the green zone,” said Glassnode. This is due to the decrease in earnings of miners created by ‘halving’. Historically, this period shows investors the opportunity to accumulate a good BTC so that they can experience great returns later. ” Called.
In the chart below, it can be observed how the price moves after the indicator falls into the green zone.
Developed by Bitcoin analyst David Puell, “Puell Multiple” is calculated by dividing the daily Bitcoin value issued by its 1-year moving average.
As a result of the third prize halve last week, the amount of Bitcoin released daily fell from 12.5 to 6.25 BTC, which led to a 48 percent drop in miner revenues, according to Blockchain data. It is also worth noting that Puell Multiple has also managed to find the lowest point of each month’s season, including 2012 and 2015. Metric also showed the green zone during the hard times for miners in December 2018 and early 2019.