Key Takeaways

Crypto analyst Willy Woo says Bitcoin remains in the early stages of a long-term bull market, based on the Puell Multiple indicator.

BTC's shorter-term market structure points to continued sideways consolidation.

The Puell Multiple measures Bitcoin miners' daily issuance revenue relative to its 365-day average, offering insight into miner revenue conditions and potential selling pressure.

The indicator's long-term signal does not establish when Bitcoin's next major price move will occur.

Bitcoin's Long-Term Bullish Structure Remains Intact

Bitcoin remains in the early stages of a longer-term bull market despite ongoing short-term consolidation, according to crypto analyst Willy Woo.

In an October 12 analysis, Woo cited the Puell Multiple, an on-chain indicator used to assess Bitcoin miner revenue conditions, as evidence supporting his long-term market outlook.

The analyst distinguished between Bitcoin's broader market structure, which he considers bullish, and its current local structure, which suggests a period of sideways trading.

Puell Multiple Signals Long-Term Market Conditions

The Puell Multiple compares the daily U.S. dollar value of newly issued Bitcoin with its 365-day moving average.

The metric is commonly used to evaluate miner revenue relative to historical levels and to identify potential periods of miner-related market stress.

Because miners may sell part of their BTC holdings to cover operating expenses, changes in mining revenue can provide context for potential selling pressure. However, the indicator does not directly measure actual miner sales.

Bitcoin Could Continue Consolidating in the Near Term

Woo's analysis suggests that Bitcoin's longer-term bullish outlook can coexist with a period of range-bound price action.

The report did not specify a price target, breakout level or timeline for the next sustained advance.

While the Puell Multiple provides historical context for Bitcoin market cycles, it is not a definitive predictor of future price movements.