Bitcoin Bears Beware – Yet Another Key Metric is Flashing a BTC Buy Signal

Bitcoin Bears Beware – Yet Another Key Metric is Flashing a BTC Buy Signal

Bitcoin has been on a rollercoaster ride over the past few months, with the cryptocurrency hitting all-time highs in the early part of 2021 before experiencing a sharp decline in May. However, for those who believe that Bitcoin is still a sound investment, there is some good news. Yet another key metric is flashing a BTC buy signal, which is a sign that the cryptocurrency is set to rise in value in the coming weeks and months. In this article, we will explore what this metric is and why Bitcoin bears should be wary.

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What is the metric that is flashing a BTC buy signal?

The metric that is causing excitement among Bitcoin investors is the Puell Multiple. This is a simple ratio that divides the daily issuance value of Bitcoin (in USD) by the 365-day moving average of the daily issuance value. When the Puell Multiple is low, it indicates that Bitcoin is undervalued, while a high Puell Multiple suggests that Bitcoin is overvalued.

Read also: Bullish Signal: Bitcoin Whales Go On 20,000 BTC Buying Spree

Why is the Puell Multiple flashing a BTC buy signal?

At the time of writing, the Puell Multiple is at a level not seen since the beginning of 2019. This indicates that Bitcoin is undervalued and that there is a good chance that it will increase in value in the coming weeks and months. The Puell Multiple has historically been a good indicator of market cycles, with low values signaling the start of a bull market and high values signaling the end of a bull market.

Read also: Bitcoin Margin Funding Rate Jumps Amid Latest Price Spike – Can New Investor Influx Keep Pumping BTC?

What does this mean for Bitcoin bears?

For Bitcoin bears who have been predicting the demise of the cryptocurrency for years, the latest Puell Multiple reading is a warning sign. It suggests that there is still plenty of life left in Bitcoin, and that those who have written it off as a passing fad could be in for a rude awakening. Of course, it’s important to remember that the cryptocurrency market is notoriously volatile, and there are no guarantees that Bitcoin will continue to rise in value. However, the Puell Multiple is just one of many metrics that investors use to make their investment decisions, and it’s a strong indicator that Bitcoin is worth paying attention to.

What does this mean for Bitcoin bears

Conclusion

The Puell Multiple is yet another key metric that is flashing a BTC buy signal, indicating that Bitcoin is undervalued and set to rise in value. For Bitcoin bears, this should be a warning sign that the cryptocurrency is not going away anytime soon. Of course, it’s important to remember that there are no guarantees in the cryptocurrency market, and investors should always do their own research before making any investment decisions. However, the Puell Multiple is a strong indicator that Bitcoin is worth paying attention to, and those who dismiss it as a passing fad could be in for a surprise.

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