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Puell Multiple is indicating that now is not the time for $BTC stepping into a dangerous phase.
Puell Multiple is an on-chain indicator for Bitcoin, used to measure miner income and infer market cycles.
Puell Multiple is currently fluctuating around ~0.8 – 1
Historically, in 2013, 2017, and 2021, Puell Multiple all spiked strongly into the red zone, which was when miners were highly profitable, selling pressure increased significantly, and the market reached a peak.
But at the moment, Puell Multiple has not entered the red zone, miners are not forced to sell, nor are they making enough profit to sell heavily; this is a neutral phase.