Bitcoin is currently trading at around $63,500 as we embark on our journey into the last week of September. with optimism about bullish pricesRenowned cryptocurrency analyst Willy Woo has offered an hopeful outlook on Bitcoin’s next steps, highlighting a key technical indicator, the Puella multiplier. In his latest analysis, Woo suggested that Bitcoin is prepared for a significant rallypredicting an upward trend as we approach the last quarter of 2024.
The role of multiple Puella
Willy Woo’s perspective revolves around the Puell Multiple, an indicator that helps identify the peaks and troughs of Bitcoin’s market cycle by comparing BTC’s daily issuance to its price. Namely, the Puell Multiple compares the difference between BTC miners compact term income to the trend of earnings over a longer period of time. Historically, this indicator has been used to identify the best opportunities to buy BTC.
Woo moved to social media platform X publish an adapted version of the customary Puella multiple chart to highlight specific points where Bitcoin has transitioned from bullish to bearish cycles in the past. Interestingly, the chart highlighted periods of Bitcoin lows following an extended downtrend and periods of accumulation following each halving. These two periods often correlated with the change in thresholds from negative to positive on Puella multiples.
At the time of writing, the Puell Multiple is currently minus 1. However, recent market dynamics show that the indicator has been on an upward trend since early 2024 and is steadily approaching zero. In his analysis, Woo stated, “The best time to buy Bitcoin is at the bottom.
The second best time to buy is during the post-halving re-accumulation.” This basically means that Bitcoin is now approaching the sweet spot for accumulation after the last halving in April 2024. He noted that BTC’s re-accumulation phase, often characterized by gradual price increases, is currently underway. As such, the best time to buy Bitcoin is now, especially for long-term holders looking to get ahead.
Bullish Flag and Market Accumulation
IN previous bitcoin analysisWoo highlighted the reduction in BTC on cryptocurrency exchanges. He mentioned that “we’re now seeing a LOT of spot BTC being bought out of exchanges.” At the same time, BTC’s price chart is starting to show a recognizable “bull flag” pattern, a signal that traders often associate with an upcoming price breakout.
There is no denying that the general consensus on Bitcoin is pointing to a significant price escalate, especially with the fourth quarter of the year coming up. historically known for its bull activityThis makes Willy Woo’s view even more compelling.
At the time of writing, Bitcoin is trading at $63,647 and is up 1.30% in the last 24 hours.
Featured image created with Dall.E, chart from Tradingview.com
