Bitcoin (BTC) is again fueling suggestions that it is preparing for price growth as two more indicators flash bullish.
According to fresh data this week, both the Puell Multiple and Mayer Multiple now point to long-term buying opportunities.
Puell Multiple hints at BTC price gains
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.
Bitcoin Puell Multiple historical chart. Source: Look Into Bitcoin
Mayer Multiple cements position
Accompanying Puell is the Mayer Multiple, another classic Bitcoin price indicator, which on June 20 was well within the zone which creator Trace Mayer found produces the best long-term investment gains.
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.
Bitcoin Mayer Multiple historical chart. Source: Mayer Multiple
Meanwhile, as Cointelegraph reported, various metrics now suggest that the future will be bullish for BTC/USD. These include fundamentals, with network difficulty this week rising the most in a single adjustment since January 2018.