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Bitcoin

Bitcoin Puell Multiple Nears 2023 Highs: Why This Could Signal A Top

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

On-chain data shows the Bitcoin Puell Multiple is close to setting new highs for 2023, a sign that a top may be becoming more likely for BTC.

Bitcoin 7-Day MA Puell Multiple Has Surged Recently

As pointed out by an analyst in a CryptoQuant Quicktake post, the Puell Multiple is currently at the second highest level for the year. The “Puell Multiple” is an indicator that keeps track of the ratio between the daily Bitcoin miner revenue and the 365-day moving average (MA) of the same.

When the value of this metric is greater than 1, it means that the miners are currently earning more than the average for the past year. On the other hand, the indicator being below the mark suggests these chain validators are making less than usual right now.

Related Reading: Bitcoin Hashrate And Difficulty Reach New All-Time Highs, What This Means

One way to perhaps gauge the “true value” of Bitcoin is through the cost that miners incur for producing more of the cryptocurrency. Thus, when miners are making much more than the yearly average, it could be a sign that the asset may be becoming overpriced.

Similarly, the opposite case might imply an undervalued state for the asset. Now, here is a chart that shows the trend in the 7-day MA of the Bitcoin Puell Multiple over the last few years:

Bitcoin Puell Multiple

The value of the metric seems to have been going up in recent days | Source: CryptoQuant

As displayed in the above graph, the 7-day MA Bitcoin Puell Multiple has been above 1 recently and has registered some sharp uptrend. This recent rise in the metric is naturally a result of the rally that the asset has observed, which has taken its price above the $37,000 level.

Following the surge, the miners are obviously enjoying much higher revenues than they have during the last 365 days. The current disparity is in fact the second highest it has been all year, as the indicator’s value is now floating just below the 2023 high set back in July.

Interestingly, as the quant has highlighted in the chart, it has been a bearish signal for the coin the last three times the 7-day MA Puell Multiple has arrived around the same levels as now.

Related Reading: Will Argentina’s Milei Adopt Bitcoin As Legal Tender? Expert Analysis

That said, many other major tops in the asset have only occurred at much higher levels of the Puell Multiple. The first half of  the2021 bull run top, for instance, occurred when the indicator had crossed a value of 3, while the April 2019 rally saw its peak coincide with a value of 2.

If the same pattern as the last three instances follows this time as well, then Bitcoin might be close to forming a top. However, if the current run goes the same way as those other rallies instead, then miners might still have more space for growth before the cryptocurrency becomes too overheated.

BTC Price

After slipping under the level earlier, Bitcoin has recovered back above $37,000 again recently.

Bitcoin Price Chart

The value of the asset appears to have surged during the past month | Source: BTCUSD on TradingView
Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, CryptoQuant.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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