On-chain analyst Willy Woo says one classic indicator is suggesting that now is an opportune time for bulls to position themselves for Bitcoin’s (BTC) next leg up.
On the social media platform X, Woo looks at the Puell Multiple, which has often been used to call tops for Bitcoin.
The Puell Multiple is a ratio between the daily coin issuance in dollar terms and the 365-day moving average of daily coin issuance, aiming to provide an oscillator derived from miner profitability and income stress.
Woo shares a chart that smooths out the Puell Multiple to roughly pinpoint when the indicator passes from bullish to bearish.
Says Woo,
“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’
He didn’t say it in words, he said it in numbers.
I’ve cleaned his model up to say it a bit clearer.”
At time of writing,…
