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A popular Bitcoin indicator is signaling a favorable buy level at $58.5K, prompting traders to anticipate a potential market shift.
Bitcoin Buy Signal at $58.5K
According to a crypto analyst, a widely-used Bitcoin indicator that traders use to measure the selling activity of miners is getting close to a level that indicates a favorable purchasing opportunity for Bitcoin.
These are the two most important values that the Puell Multiple index is ranging between. An analyst note by CryptoQuant contributor Grizzly on August 31 outlined a negative scenario in which the index falls below 0.6. This could indicate a favorable purchasing opportunity for investors, if past trends are to be believed.
Decision Zone Between 0.6 and 0.8
According to Grizzly, the "Decision Zone" on the Puell Multiple index is the range from 0.6 to 0.8.
He pointed out that statistics going all the way back to 2014 demonstrated that index dips below the 0.6 mark had frequently heralded favorable conditions for Bitcoin dollar-cost averaging (DCA) tactics.
As reported by Cointelegraph, the Puell Multiple is a popular tool among traders for gauging the stability of miner profits. If the Puell Multiple is high, it could mean that there is little sell pressure, but if it's low, it could mean that there is a lot of sell pressure.
Puell Multiple at 0.69 Signals Buy
Bitbo data shows that the Puell multiple is 0.69 at the time of publication. On March 13, when Bitcoin reached its all-time high of $73,679, the Puell Multiple was 1.88, just to give you some background.
As of this writing, Bitcoin was trading at $58,416 on CoinMarketCap, reflecting an 8.98% decline over the previous seven days.
Analyst Points to Rare Buying Moment
A crypto analyst going by the name of Moustache recently informed their 133,100 X followers that the Puell Multiple is indicating a once in a two-year-plus buying opportunity.
Declared Moustache:
Traders, however, disagree on how much longer Bitcoin will stay in this volatile range.
Bitcoin’s Breakout Expected in October
Bitcoin may "breakout" of its reaccumulation zone as soon as "late September," according to the anonymous crypto trader Rekt Capital.
Nevertheless, according to Rekt, the more probable scenario is that Bitcoin would "consolidate" over the month of September before an "October breakout."
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