Bitcoin’s Puell Multiple, a key metric tracking miner stability, has formed a rare “golden cross,” signaling a potential 90% price surge, according to CryptoQuant. Historically, such crossovers in March 2019, January 2020, and January 2024 triggered price rallies of 83%, 113%, and 76%, respectively.
“This data indicates that after the Puell Multiple settles above its 365-day moving average, Bitcoin’s price typically increases by an average of 90%,” CryptoQuant noted in a Nov. 18 blog post. The platform added that favorable macroeconomic conditions bolster the likelihood of another significant rally.
Analysts believe Bitcoin’s current bull market is just beginning, with expectations for six-figure prices growing. However, concerns remain over retail-driven FOMO (fear of missing out) causing market volatility.
Pseudonymous analyst PlanB and others suggest Bitcoin’s strongest gains could come in early 2025, backed by high relative strength index (RSI) levels, which currently sit above 74.
With BTC already up over 40% in Q4, the next breakout could cement Bitcoin’s path to new all-time highs.
Source: Cointelegraph
