Bitcoin (BTC) might be gearing up for a big price jump, according to analyst Willy Woo. He’s using a classic indicator called the Puell Multiple to suggest that now is a good time for investors to buy Bitcoin.
What is the Puell Multiple?
The Puell Multiple is a way to measure how profitable Bitcoin mining is. It compares the daily amount of Bitcoin created to the average amount created over the past year. A high Puell Multiple usually means that Bitcoin is overvalued and could be headed for a correction. A low Puell Multiple, on the other hand, could mean that Bitcoin is undervalued and ready for a rally.
Willy Woo’s Take
Woo says the Puell Multiple is currently low, suggesting that Bitcoin is in a good position for a price increase. He’s even quoting a 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.”
Short-Term and Medium-Term Outlook
Woo also notes that the amount of Bitcoin held on exchanges is currently low, which could be a sign that investors are holding onto their Bitcoin. He’s cautiously optimistic about the short-term and medium-term outlook for Bitcoin, predicting a potential price increase in the coming weeks.
A Word of Caution
While Willy Woo is bullish on Bitcoin, it’s important to remember that the cryptocurrency market is volatile. Investing in Bitcoin is risky, and investors should always do their own research before making any investment decisions.
