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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drop-attracts-investor-attention/" data-wpel-link="internal">Bitcoin Price Drop Attracts Investor Attention</a> 
Due to significant sales by the German government and Mt. Gox creditors, Bitcoin (BTC) dropped to $53,500, capturing investors’ attention. Despite this decline, Bitcoin’s price recovered to $59,000, showing resilience in on-chain metrics. Large US institutions like BlackRock and Fidelity continue to buy spot Bitcoin ETFs, indicating strong institutional interest. 
<h2 style="text-align: justify" id="strong-bitcoin-puell-multiple-indicator-predicts-rise-strong">Bitcoin Puell Multiple Indicator Predicts Rise</h2> 
CryptoQuant presents the significant on-chain metric, Bitcoin Puell Multiple, indicating the potential end of the current correction phase in the ongoing bull market. Historically, significant drops in the Puell Multiple have signaled strong price rallies, as seen in the previous bull cycles of 2016 and 2020. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-369291" src="https://coin-turk.com/wp-content/uploads/2024/07/Bitcoin-Analiz-Veri.jpeg" alt="" width="1708" height="934"> 
In June 2024, since the block reward halving in April, miners experienced significant capitulation with profitability dropping by 7.8%. Miners’ daily revenues fell from $78 million to $26 million, highlighting market stress among miners. 
Despite the decline, a deep dive into on-chain data compared to previous cycles shows that we are still in the early stages of a new bull cycle. Cycles in the <a href="https://en.coin-turk.com/jpmorgan-warns-about-the-recent-rally-in-the-cryptocurrency-market/" data-wpel-link="internal">cryptocurrency market</a> usually start after a block reward halving and last for over 500 days on average. Currently, only 79 days have passed since the block reward halving in April, indicating a long way to go in this bull cycle. This perspective offers hope to long-term investors who might see the current <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market conditions</a> as an entry point. 
<h2 style="text-align: justify" id="strong-a-buying-opportunity-strong">A Buying Opportunity?</h2> 
Santiment <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data shows</a> a decrease of 566,000 Bitcoin wallets with non-zero balances since mid-June, indicating short-term investors selling due to market uncertainty. This decrease is typically seen at market bottoms and historically offers buying opportunities for patient investors. Similarly, both the 30-day and 365-day Bitcoin MVRV indicators are currently in the negative zone, suggesting it is an optimal time to buy Bitcoin. In the past, this alignment has provided significant returns for investors entering the market during such periods. 
Based on the Puell Multiple, the expected bull run beginning in the third quarter of 2024, along with multiple indicators aligning towards a bullish trend, suggests Bitcoin is poised for a potential price recovery. However, investors should remain cautious due to ongoing high volatility and regulatory developments. The Puell Multiple indicator has historically accurately predicted Bitcoin’s bottoms, bear traps, and peaks in past cycles. Currently, we seem to be in a bear trap, and a rise is expected from this level. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-price-drop-attracts-investor-attention/" data-wpel-link="internal">Bitcoin Price Drop Attracts Investor Attention</a></h5>

Bitcoin Price Drop Attracts Investor Attention

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