Bitcoin Set for Another Boost as the Puell Multiple Metric Turns Bullish
As Bitcoin (BTC) struggles to regain bullish momentum to recover from its recent crash, bulls have received an additional boost from a highly-revered metric to propel the cryptocurrency higher.
The Puell Multiple Metric has indicated a buy signal for the fifth time. Analysts claim that all four of its last bullish indications yielded positive outcomes.
Developed by on-chain strategist David Puell, the Puell Multiple is derived by dividing the daily issuance value of Bitcoins in USD by the 365-day moving average of that daily issuance value. The metric evaluates the supply aspect of BTC’s economy, including miners and their revenue, which has taken a severe hit from the increased China crackdown.
Based on the data mentioned above, the metric has a chart ranging from…
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