Crypto analyst Lark Davis said Bitcoin’s Puell Multiple reading suggests the market is near, or already in, the bottom zone of the current cycle. According to ChainCatcher, the Puell Multiple measures miner profitability by comparing miners’ daily revenue with its 365-day average.
Davis said that when miner income stays depressed and miners are forced to sell BTC to cover operating costs, it has historically aligned with cycle lows. He added that while the indicator has not yet reached its green oversold zone, signs of miner stress have emerged, which he said has often marked the start of the final phase of a bear market.
Davis also noted that price signals in this cycle have been milder than historical patterns. He said whether $59,000 can hold as the cycle low should become clear in the coming months, adding that current signs are becoming clearer.
Lark Davis Says Bitcoin’s Puell Multiple Signals Market Near Cycle Bottom
2026-06-21 07:44:11
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