Bittime -Bitcoin price has faced significant selling pressure after briefly attempting to surpass the $72,000 mark earlier this week. When this article was written, the price of Bitcoin (BTC) fell 2.69% to $67,536 with a market capitalization of $1.331 billion. If BTC fails to maintain support at $67,000, there is a possibility that the price will fall further to $64,000.
Bitcoin Puell Multiple Shows Buy Signal
According to analysis from CryptoQuant, the decline in the Puell Multiple following the Bitcoin halving event has significant implications for the market. Puell Multiple is an indicator that measures the ratio between daily earnings and the 365-day moving average of Bitcoin miners.
Impact of Halving on Miners' Income
Bitcoin experiences halvings approximately every four years, which causes the mining reward per block to halve. This has a direct impact on miners' income. If the price of Bitcoin does not experience a significant spike, miners' daily income will experience a substantial decline.
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Why is the Puell Multiple Decline Important?
The sharp decline in Puell Multiple post-halving indicates that miners' daily earnings are decreasing, signaling a less favorable mining environment unless Bitcoin prices rise significantly. The current Puell Multiple range suggests that the Bitcoin network may be undervalued, indicating a price discount.
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Potential BTC Price Increase
The reduced supply of new Bitcoin after the halving has the potential to drive the price up, especially if demand continues to increase. Investors may view the decline in the Puell Multiple as a signal that the market is adapting to a new phase of scarcity, which could trigger a Bitcoin price rally in the future.
Also read: Fidelity Expects Bitcoin (BTC) Price Increase to $100,000
BTC Consolidation Phase
Even though BTC prices briefly rose to $72,000 earlier this week, we are still in a consolidation phase. Based on historical trends and Bitcoin's behavior after the halving, it will take a few more weeks for Bitcoin to break ground and enter the price discovery zone.
End of Year Price Prediction
If BTC manages to get through this consolidation phase, there is potential for the price to rise to $100,000 by the end of this year. The declining Puell Multiple and increasing accumulation by Bitcoin whales (large holders of Bitcoin) support this bullish view.
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Bitcoin's current price decline may be temporary, considering that indicators such as the Puell Multiple point to potential future price increases. Investors are advised to continue monitoring these developments and consider long-term investment strategies. If historical trends and on-chain analysis are any guide, Bitcoin price could reach new higher levels in the coming months.
How to Buy Crypto on Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also read:
Strong reasons for the decline in Bitcoin (BTC) prices
Bitcoin (BTC) Price Prediction After Halving 2024, BTC Price Will Be This High!
Tether (USDT) Adds Bitcoin (BTC) Reserves, Good Sign for Bitcoin (BTC) Price?
Bitcoin Price Still Strong, Holders Still Hold BTC
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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