Two more Bitcoin indicators are flashing bullish, fueling speculation that the top digital asset is primed for a price surge.
According to fresh data this week, both the Puell Multiple and Mayer Multiple now point to long-term buying opportunities, Cointelegraph reported.
As highlighted by Philip Swift, creator of analytics resource Look Into Bitcoin, the Puell Multiple has reentered a key green zone that traditionally picks Bitcoin’s market lows.
In a Markets Report for Cointelegraph, Swift produced a chart which showed the rare occasions that such a move has occurred – recently, it was only during the March crash and in December 2018. On both occasions, Bitcoin then saw considerable upside.
“The halving drop in revenue has presented an opportunity to Bitcoin investors based on a key Bitcoin valuation model,” he summarized.
The Puell Multiple takes the current daily issuance of BTC and divides it by the one-year moving average issuance. As such, halving events, which cut issuance by 50%, are key.
Accompanying Puell is the Mayer Multiple, another classic Bitcoin price indicator, which on June 20 was well within the zone that creator Trace Mayer found produces the best long-term investment gains.
As for the multiple of the Bitcoin price over its 200-day moving average, Mayer states that a score of under 2.4 marks the boundary for success.
At press time, the multiple was 1.13 – far below that level. Furthermore, historically, its score was higher more than 50% of the time.
Mayer himself has stressed that the indicator is neither buying nor selling advice, but represents a strategic tool for long-term holders.