The post Analyst Predicts Bitcoin’s Imminent Price Surge appeared on BitcoinEthereumNews.com.

Renowned on-chain analyst Willy Woo has recently suggested that Bitcoin might be gearing up for a significant price increase. His analysis, shared on the social media platform X, revolves around the Puell Multiple, a crucial metric often utilized to forecast Bitcoin’s market peaks. This indicator measures the ratio of Bitcoin’s daily issuance value to its 365-day moving average, shedding light on miners’ revenue and profitability. What Does the Puell Multiple Indicate? Currently, the Puell Multiple remains under one, which implies that Bitcoin could be lacking the momentum needed for a persistent upward trend. However, Woo’s interpretation indicates potential readiness for a bullish move. He adjusted graphs to identify transitions between bullish and bearish zones, quoting Dr. Puell’s insight: “The best time to buy Bitcoin is at the bottom, the second-best time is during the accumulation period after halving.” This perspective is numerically grounded and suggests potential market momentum shifts. How Are Exchange BTC Stocks Affecting the Market? Woo highlighted that the current BTC inventory on exchanges depicts a “neutral bearish” sentiment. However, he notes the possibility of a reversal triggered by liquidations. Short-term forecasts suggest an upward trend continuation, while medium-term observations reveal significant spot BTC accumulation. Although exchange inventories remain stable, a sudden short squeeze could alter the dynamics. Woo remains cautiously optimistic, acknowledging a neutral bearish state with emerging bullish signs. At the time of reporting, Bitcoin’s price stands at $62,840, reflecting a slight decline. Historically, the Puell Multiple has been an essential predictor of Bitcoin’s price behavior. The present data hints at a potential accumulation phase, possibly attracting bullish interest. Investors are encouraged to consider elements such as mining profitability and Bitcoin exchange flows when crafting their strategies. Key observations include: The Puell Multiple below one suggests potential bullish readiness. BTC exchange inventories show a “neutral bearish”…

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Filed under: News - @ September 22, 2024 3:24 pm