On-chain analyst Willy Woo has indicated that a popular metric suggests bulls should prepare for Bitcoin’s next upward move. This analysis was shared on the social media platform X, where Woo highlighted the Puell Multiple, a widely used metric for predicting Bitcoin 
$91,967 peaks. The Puell Multiple reflects the ratio of the daily cryptocurrency issuance value to its 365-day moving average, showcasing miners’ profitability and revenue stress.
Puell Multiple and Bullish Signals
To clarify the Puell Multiple, Woo adjusted the graph and identified the points where the metric transitioned from bullish to bearish. He quoted Dr. Puell’s famous saying: “The best time to buy Bitcoin is at the bottom, the second-best time is during the accumulation period after halving.” He emphasized that this concept is expressed through numbers rather than words. Currently, Woo noted that the Puell Multiple remains below one, suggesting Bitcoin lacks sufficient momentum for a sustained rally, yet it may be preparing for an upward trend.
BTC Stocks on Exchanges and Market Expectations
Woo indicated that the BTC inventory on cryptocurrency exchanges currently reflects a “neutral bearish” price movement, although a reversal due to liquidation is possible. He stated, “In the short term: the upward movement is likely to continue for another week. In the medium term: we are seeing a significant accumulation of spot BTC, and while exchange inventory remains stable considering derivatives, it could change rapidly if there is a short position squeeze. The chart pattern is forming a bullish flag. Current supply and demand is neutral bearish, but signs of transitioning to a bullish structure are present amid some liquidations. I am cautiously optimistic.”
As of the time of writing, Bitcoin is trading slightly down at $62,840. Historically, the Puell Multiple is considered an important indicator of Bitcoin’s price movements. Current data may hint at a potential accumulation phase that could attract bulls. Investors can shape their strategies by considering factors like mining profitability and BTC flows on exchanges.
