

Bitcoin (BTC) price volatility has sparked investor attention, but the price has rebounded to $57,500, indicating resilience in on-chain metrics.
Bitcoin’s recent price volatility has sparked investor attention, dipping to $53,500 amid significant sell-offs by the German government and Mt. Gox creditors. However, the price has since rebounded to $57,500, indicating resilience in on-chain metrics.
Major US institutions like BlackRock and Fidelity are also buying Bitcoin ETFs despite the price drop, while one analysis predicts the market will turn bullish by Q3. Let's examine the key metrics in detail.
Bitcoin Puell Multiple predicts bullish momentum
This bullish analysis comes as a breeze in the current market downturn for investors eyeing an entry in Q3. CryptoQuant’s analysis using the Bitcoin Puell Multiple suggests a potential end to the current correction phase within the ongoing bull market.
Historically, this data reveals that significant drops in the Puell Multiple often indicate strong price rallies, as observed during previous bull cycles in 2016 and 2020.
Bitcoin miner profitability drops 7.8% post halving event
June 2024 saw substantial miner capitulation, with profitability dropping 7.8% since the April halving event. Daily miner revenue fell sharply from $78 million to $26 million, highlighting market stress among miners.
However, it's not over yet…
Many quickly declare the end of this bull market, selling their long-term holdings in capitulation. But a deep dive into on-chain data, compared with previous cycles, indicates that we are still in the early stages of this new bull cycle. Technically, crypto cycles begin post-halving, with an average duration of over 500 days. We’re currently 79 days post the 2024 BTC halving. If we zoom out on the charts, there’s still a long way to go in this bull cycle.
A buying opportunity?
Adding to the bullish sentiment, Santiment’s data shows a decline of 566,000 non-empty Bitcoin wallets since mid-June, reflecting sell-offs by short-term holders amid market uncertainty.
This reduction, often seen at market bottoms, historically presents buying opportunities for patient investors.
Both the 30-day and 365-day Bitcoin MVRV indicators are also currently in the negative zone, indicating the best time to buy Bitcoin. This perfect match in the past has led to substantial returns for investors who entered the market during such periods.
Wait for Q3!
With multiple indicators suggesting a bullish sentiment, including the anticipated start of a bull run in Q3 2024 based on the Puell Multiple, Bitcoin appears poised for a potential price recovery.
However, investor caution is still advised amid ongoing market volatility and regulatory developments. So far the Puell Multiple indicator has perfectly predicted the bottom, bear trap, and peak of BTC in the past three cycles. Based on the Puell Multiple indicators, we are currently in a bear trap and can expect a bullish move from this level.
The above is the detailed content of Bitcoin (BTC) Price Correction Nears the End as Key Metrics Signal a Bullish Reversal in Q3 2024. For more information, please follow other related articles on the PHP Chinese website!

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