Bitcoin’s current price is around $63,500 as we enter the last week of September with optimism for bullish prices. Renowned crypto analyst Willy Woo has provided an optimistic outlook for Bitcoin’s future, focusing on a key technical indicator known as the Puell Multiple. In his recent analysis, Woo suggested that Bitcoin is poised for a significant rally, predicting bullish momentum as we approach the final quarter of 2024.
The Puell Multiple is a metric that helps identify Bitcoin’s market cycle peaks and troughs by comparing the daily issuance of BTC to its price. By comparing short-term BTC miner revenue to the longer-term revenue trend, the Puell Multiple historically has been used to pinpoint optimal buying opportunities for BTC.
Woo shared an adjusted version of the traditional Puell Multiple graph on social media platform X, highlighting specific points where Bitcoin shifted from bullish to bearish cycles in the past. The graph showcased Bitcoin lows after extended downtrends and periods of accumulation following each halving, often correlating with a change from negative to positive thresholds on the Puell Multiple.
Currently, the Puell Multiple sits at a negative 1, but recent market trends have seen this metric steadily trending upwards since the beginning of 2024, approaching zero. Woo emphasized that the best time to buy Bitcoin is at the bottom, with the second-best time being during the post-halving re-accumulation phase. As Bitcoin nears the ideal accumulation spot after the most recent halving in April 2024, Woo noted that the re-accumulation phase, characterized by gradual price increases, is unfolding, making it an opportune time to buy Bitcoin for long-term holders.
In a previous analysis, Woo highlighted a decrease in BTC on crypto exchanges, indicating a significant amount of spot BTC being acquired from exchanges. Additionally, the BTC price chart is showing a bullish flag pattern, a signal often associated with an impending price breakout.
The general sentiment surrounding Bitcoin is a strong price rally, particularly as we enter the historically bullish fourth quarter of the year. With Bitcoin currently trading at $63,647 and up by 1.30% in the past 24 hours, Woo’s optimistic outlook aligns with the overall bullish market sentiment.
As we navigate the final week of September and look ahead to the potential for a significant price rally in the coming months, Willy Woo’s analysis and focus on the Puell Multiple provide valuable insights for investors and traders in the cryptocurrency market. With Bitcoin’s price holding steady around $63,000, the stage is set for potential growth and opportunities in the evolving landscape of digital assets.
