Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-price-faces-potential-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Faces Potential Surge</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/tron-founder-justin-sun-foresees-a-crypto-milestone" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price could see a substantial upswing, according to a recently highlighted metric. The digital currency is currently undervalued, suggesting a potential rise. Here we delve into the metric and its implications.</p>
<h2 id="what-does-the-puell-multiple-metric-indicate">What Does the Puell Multiple Metric Indicate?</h2>
<p style="text-align: justify">If Bitcoin fails to hold the support level at $67,000, it could drop to $64,000. Earlier this week, Bitcoin briefly surged to $72,000 before experiencing selling pressure, settling at $67,536—a 2.69% decline. The <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">market</a> value of BTC stands at $1.331 trillion.</p>
<p style="text-align: justify">Analysis by CryptoQuant reveals that the decline in the Puell Multiple, an important market metric, after Bitcoin’s halving event could have significant repercussions. The halving, which occurs every four years, halves the mining rewards per block, directly impacting miners’ earnings. Without a significant increase in Bitcoin’s price, miners face reduced daily income.</p>
<p style="text-align: justify">The Puell Multiple measures the ratio between miners’ daily revenues and the 365-day moving average. The sharp drop in this ratio post-halving is attributed to the delay in the long-term moving average adjusting to the new mining rewards. Consequently, mining becomes less profitable unless Bitcoin prices significantly increase.</p>
<h2 id="how-does-the-current-puell-multiple-range-reflect">How Does the Current Puell Multiple Range Reflect?</h2>
<p style="text-align: justify">The current Puell Multiple range suggests that Bitcoin’s network value might be undervalued. A decrease in new Bitcoin supply, coupled with rising demand, could drive prices higher. Investors may view the drop in Puell Multiple as an indicator of a new scarcity phase, potentially leading to a market rally.</p>
<h2 id="key-inferences-for-investors">Key Inferences for Investors</h2>
<p style="text-align: justify">– Bitcoin’s undervaluation could signal a buying opportunity.<br> – Halving events significantly impact miners’ revenues.<br> – A sharp increase in Bitcoin prices could make mining profitable again.<br> – Historical trends suggest potential for significant price movements post-halving.</p>
<p style="text-align: justify">These factors could influence Bitcoin’s supply and demand dynamics in the mining sector. As Bitcoin adapts to these changes, we might witness significant price movements <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">in the near future</a>. Historical patterns and post-halving behaviors indicate Bitcoin may soon enter a price discovery phase, potentially reaching $100,000 by year-end.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-price-faces-potential-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Price Faces Potential Surge</a></h5>

Bitcoin Price Faces Potential Surge

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