Analysis utilizing Bitcoin’s Puell Multiple metric suggests the current market cycle remains firmly intact, exhibiting strong bullish momentum and indicating that the anticipated Phase 4 signaling a cycle top is still forthcoming. This underscores the potential for further price appreciation.
The Puell Multiple, recognized as a reliable indicator for assessing Bitcoin’s market cycle phases, currently shows no definitive signs of a cycle top having been reached. CryptoCon’s interpretation further reinforces this outlook, specifically noting that Bitcoin has not yet entered Phase 4. This combined analysis supports the expectation of a continued bullish trajectory for Bitcoin in the near term.
Bitcoin’s recent market performance aligns with this constructive outlook. The cryptocurrency posted a modest but consistent gain of 1.24% over the past 24 hours and a 1.12% rise over the previous week. Trading activity remains robust, with the past day’s volume reaching $39.7 billion.
The unprecedented delay between Bitcoin’s cycle phases observed in this market cycle is interpreted as an indication of underlying market strength. It bolsters the view that the current bull cycle still has room to progress before reaching its ultimate peak.