Bitcoin (BTC) Poised for a 90% Rally as Puell Multiple Flashes Golden Cross
Onchain data analytical platform CryptoQuant has flagged a key Bitcoin (BTC) metric that suggests a potential 90% rally for the leading cryptocurrency.
Cryptocurrency analytical platform CryptoQuant has flagged a key metric that suggests a potential 90% rally for Bitcoin (BTC). This analysis comes as the leading cryptocurrency trades steadily in the $91,000 range.
The Bitcoin Puell Multiple Shows Golden Cross
CryptoQuant analyst Burakkesmeci revealed in a Quicktake post that a rare golden cross has appeared for Bitcoin’s Puell Multiple. According to the analyst, this behavior usually occurs before major price surges, indicating a bullish rally ahead for BTC.
The Puell Multiple analyzes the relationship between mining revenues and market movements. This metric is calculated as the ratio of the daily value of newly issued Bitcoin (in USD) to its 365-day moving average. Comparing miners’ short-term revenues with long-term averages provides meaningful insights into mining profitability.
Burakkesmeci noted that the Bitcoin Puell Multiple has crossed its 365-day moving average three times over the past five years. On each occasion, BTC initiated a major rally in the succeeding weeks. In March 2019, an 83% surge followed a Puell golden cross. Similarly, January 2020 saw a 113% increase, while the most recent cross in January 2024 provided 76% returns.
Interpreting the data, the CryptoQuant analyst said an average increase of about 90% in Bitcoin’s price has historically followed after the Puell settles above its SMA365. The analyst believes favorable macroeconomic conditions like the ongoing rate cut cycle boost the odds of an “inevitable” Bitcoin rally.
A 90% rally at the current market price will see Bitcoin reaching approximately $173,000. BTC trades at $91,679 as of this writing, indicating a 0.5% increase in the last 24 hours. The 24-hour trading volume inked a 21.6% increase to $73.10 billion, indicating continued investor interest.
Other Experts’ Opinion on Bitcoin Price
So far, BTC has seen an over 40% gain in Q4 2024. Still, several analysts think Bitcoin’s most intense rally lies ahead. The market’s “parabolic phase” has begun, and it is expected to continue for about 300 days before a new macro peak emerges. Locally, anticipation of Bitcoin reaching six figures is on the rise for the first time in history.
However, there are heightened concerns that retail “FOMO” could cause a large price correction. “Lots of people about to become intimately familiar with the phrase, Fear of Missing Out (FOMO), on this Bitcoin cycle,” Preston Pysh, co-founder of The Investor's Podcast, noted in an X post.
Despite this, Pysh believes that Bitcoin will rally over $125,000 this cycle. He said this when asked by a commenter what he thinks about those who claim that Bitcoin's highest point this cycle will be at $125,000.
In a more bullish forecast, Bernstein analysts predict a $200,000 target for Bitcoin by the end of 2025. CNF reported that the prediction is fueled by increased institutional interest, Bitcoin ETFs, and Trump’s crypto-friendly policies.
Meanwhile, major corporations like MicroStrategy and Metaplanet are still accumulating Bitcoin at the $90,000 price range. A recent CNF report noted that MicroStrategy revealed intentions to raise $1.75 billion through convertible notes to expand its BTC holdings.
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