Last chance to buy ‘discounted’ Bitcoin? Puell Multiple suggests… – Crypto News – Crypto News
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Last chance to buy ‘discounted’ Bitcoin? Puell Multiple suggests… – Crypto News

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Posted: September 23, 2024

  • BTC’s multi-month price range could soon be over. 
  • Analysts projected BTC could explode above $90K in Q4 2024. 

Bitcoin [BTC] has been stuck in a choppy price range for over six months, pushing some traders and investors to the sidelines.

Although last week’s Fed pivot triggered a relief rally to $64K, some market pundits remained cautious about the U.S. recession. 

However, Bitcoin analyst Crypto Con noted that based on Puell Multiple’s historical patterns, the boring price range could soon be over. He stated, 

“The phases on Puell Multiple make it abundantly clear that we are in the midst of the mid-top correction, which comes just before the true bull run.” 

Bitcoin Bitcoin

Source: Crypto Con/X

For context, Puell Multiple metric gauge market cycle tops and bottoms based on miner profitability. So, by extension, it is also a BTC valuation signal that determines whether the market is overheated. 

The current ‘mid-top correction end’ was the second best time to scoop a discounted BTC before the next leg up. The same outlook was echoed by another BTC analyst, Willy Woo. He quoted Dr David Puell and said, 

“Famous quote from Dr Puell. The best time to buy #Bitcoin is at the bottom; the second best time to buy is at the post-halving re-accumulation.” 

BitcoinBitcoin

Source: Willy Woo/X

The green bubbles capture the cycle bottoms, while the orange bubbles denote the post-halving re-accumulation range. The BTC price range witnessed since April is part of the post-halving range. 

Put differently, this might be the last and best BTC buy opportunity if the parabolic run begins in the next few weeks. Market experts have increasingly shared the bullish outlook for Q4 and 2025.  

In fact, Geoff Kendricks, Head of Digital Asset Research at Standard Chartered, projected that BTC could hit $200K by the end of 2025 regardless of who wins the US elections. The executive added that the asset could climb to $125K by the end of 2024 if Trump wins the elections. 

Market analyst Stockmoney Lizards shared a similar view, estimating that BTC could hit $90K—$100K between Q4 2024 and early 2025. 

BitcoinBitcoin

Source: Stockmoney Lizards

However, past performance doesn’t dictate future BTC results. Besides, geopolitical and other macro updates could also impact these projections. So, tracking these fronts along with expert projections is crucial.  

Next: What does XRP’s falling MDIA mean for long-term holders?
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