Rally

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<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin’s Puell Multiple decline indicates a potential new bull cycle, according to CryptoQuant analyst Crypto Dan.</li>
 <li>A surge in Bitcoin’s miner reserves suggests miners are holding onto their coins in anticipation of a price rise.</li>
</ul>
<p>Bitcoin’s Puell Multiple, a metric that tracks the profit of miners on the network, has seen a decline in the past month. This has presented a buying opportunity for market participants.</p>
<p>The recent drop in the Puell Multiple suggests a possible new bull cycle, as outlined in a report by pseudonymous CryptoQuant analyst Crypto Dan.</p>
<h2 id="understanding-the-puell-multiple">Understanding the Puell Multiple</h2>
<p>The Puell Multiple compares Bitcoin’s daily issuance value to its 365-day moving average. A surge in the Puell Multiple can indicate that Bitcoin’s daily issuance is significantly above the yearly average, often signaling that Bitcoin is overvalued and due for a decline.</p>
<p>On the other hand, when the Puell Multiple decreases, it suggests that the daily issuance value is below the yearly average, indicating potential Bitcoin undervaluation. This is usually followed by a Bitcoin price spike as market participants “buy the dip.”</p>
<h2 id="bitcoin-s-current-puell-multiple">Bitcoin’s Current Puell Multiple</h2>
<p>Currently, Bitcoin’s Puell Multiple is at 0.80, having started its cycle of decline on June 6th and since fallen by 54%. When examining Bitcoin’s historical performance, Crypto Dan found that when the Puell Multiple dropped during the bull cycles of 2016 and 2020, it was followed by a strong rise in Bitcoin’s value.</p>
<p>Dan suggests that a similar pattern could occur in the current market cycle, potentially leading to a bull rally within the third quarter of 2024.</p>
<h2 id="bitcoin-miner-reserves">Bitcoin Miner Reserves</h2>
<p>In the past 24 hours, there has been a notable increase in Bitcoin’s miner reserves, a metric that measures the amount of coins held in miners’ wallets. This reserve indicates the amount of Bitcoin that miners have yet to sell.</p>
<p>At the time of writing, miner wallets held 1.82 million Bitcoin, valued at $104 billion. In the last 24 hours, the Bitcoin miner reserve has increased by 1%. This suggests that miners are choosing to hold onto their coins, possibly in anticipation of a price rise in the short to mid-term.</p>

Bitcoin Rally on the Horizon: Is Now the Best Time to Buy BTC?

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