According to one crypto analyst, a popular Bitcoin indicator that traders turn to to analyze miner selling activity is approaching a significant buying opportunity. The Puell Multiple index is moving between two critical levels and could signal a positive buy signal to traders if the index drops below 0.6, as it has in the past.
Prominent Indicators in Bitcoin
CryptoQuant’s Grizzly identified the range between 0.6 and 0.8 of the Puell Multiple index as the decision-making zone in his August 31 analysis. Based on historical data dating back to 2014, the analyst noted that when the index drops below 0.6, it usually presents an ideal buying opportunity for Bitcoin Dollar Cost Averaging (DCA) strategies.
The Puell Multiple is often used to estimate the income of miners. A high Puell Multiple indicates low selling pressure, while a low Puell Multiple indicates high selling pressure. At the time of writing, the Puell Multiple was at 0.69, according to Bitbo data.
To provide additional context, when Bitcoin reached an all-time high of $73,679 on March 13, the Puell Multiple was recorded at 1.88. According to CoinMarketCap data, Bitcoin has lost 8.98% of its value over the past seven days, falling to $58,416.
Popular crypto analyst Moustache explained to his 133,100 followers that the Puell Multiple data presents one of the best buying opportunities in the last two years:
“This could be the second best opportunity you get after 2022 to save again before the next cycle begins.”
However, there are differing opinions among investors on how long Bitcoin will remain in this uncertain range. Another well-known cryptocurrency investor, Rekt Capital, predicts that Bitcoin could break out of the accumulation range again as early as the end of September. Rekt believes that Bitcoin is more likely to consolidate in September before experiencing a breakout in October.
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