Haven’t the Bitcoin rally been happy yet? Puell proposed more upside space
Despite the recent decline in Bitcoin (BTC) prices due to rising geopolitical tensions in the Middle East, overall market sentiment remains positive, with the leading cryptocurrency still trading in the mid-term of $100,000. In addition, key chain indicators indicate that the current BTC rally can still have more room to run.
Bitcoin Puell offers more profits
According to a recent crypto-fast post by contributor Gaah, Bitcoin’s multiple directors show that the ongoing bullish rally may be far from over. Currently, the chain degree indicator is hovering near the discount area, below 1.40.
For beginners, PUELL multiple multiples are a chain-degree indicator that compares the daily income earned by Bitcoin miners to their 365-day moving average (MA) to help identify potential market periods where potential markets are overvalued or undervalued.
Historically, values below 1.0 tend to indicate miners’ stress or market accumulation phases, while higher values may indicate conditions overheating or potential market tops. Gaah commented on the indicator’s recent behavior, noting:
PUELL’s multi-multiple behavior shows that despite the high prices, miners’ income has not been followed – suggesting that the market may be driven by external forces such as institutional demand, ETFs, or tightening of circular supply.
The contributor also noted that the decline in block rewards following the halving in April 2024, which could exacerbate the income gap among miners, even as BTC prices rise after wider adoption.
GAAH concluded that the current situation may represent a “potential opportunity window” for accumulating BTC. The combination of price increases and narrowing of miner fundamentals suggests that the current cycle may have greater upside potential in the coming months.
BTC shows signs of euphoria?
Retail interest on BTC remains in place compared to previous cyclical peaks, but institutional interests continue to grow as adoption increases. The number of expanded entities continues to expand accumulation BTC, demonstrates the maturity of Bitcoin as a legitimate store of value.
For example, GameStop recently Announce Shortly after buying 4,710 BTC, it is planned to raise $1.75 billion with convertible notes. This move echoes strategies adopted by companies like this Metaplanet and strategywhich has also used debt financing to increase its BTC risk.
Meanwhile, bullish forecasts for the all-time high of new BTC (ATH) continue to appear. Hunter Horsley, CEO of Bitwise predict Once the $130,000 mark is exceeded, BTC may face minimal resistance.
As for the timeline, crypto analyst TED pillow suggestion The BTC could reach $130,000 as early as the third quarter of 2025. At the time of writing, Bitcoin is trading at $104,793, down 2% in the past 24 hours.
Featured images from Unsplash.com, charts from CryptoQuant and TradingView.com
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