Puell Multiple at 0.67: Is it a sign that Bitcoin is approaching its cyclical bottom?

The Puell Multiple indicator currently stands at 0.67, a level that has captured the attention of market analysts. This metric, designed to identify critical phases in Bitcoin cycles, measures the ratio between the realized value and the market value, allowing the detection of moments when miners operate under pressure.

Indicator History: Patterns That Don’t Lie

Since 2015, there has been a consistent pattern: when the Puell Multiple drops below 0.50, Bitcoin has typically reached its cyclical lows. These levels represent points where selling pressure peaks and market conditions become extreme. The 0.50 threshold is not arbitrary but the result of years of analysis of miner behavior and capital flows.

Current Reading: Still a Long Way to Go

With the metric at 0.67, Bitcoin could be in a transition phase toward possible lows, although technically the indicator has not yet crossed the historical critical zone. This intermediate position suggests that the market could face additional pressure before reaching potential cyclical bottoms.

For traders and investors, monitoring the Puell Multiple is essential in bear cycles, as it provides evidence of when market actors — particularly miners — are operating under maximum tension. The path toward 0.50 will remain a key reference level.