Outpoll | This onchain metric has identified the Bitcoin bottom every cycle

CryptobitcoinPrice Analysis

Forget the noise from the talking heads on TV and the endless doom-scrolling on Crypto Twitter. There's one brutally honest signal that has never lied about Bitcoin's true floor: the Puell Multiple.This on-chain metric, which tracks the daily value of mined coins relative to the yearly average, has a flawless track record. Every single cycle, when the Puell Multiple has plunged into the deep red zone—specifically below 0.5—it has marked the absolute bottom. We saw it after the 2011 bubble, we saw it in the ashes of the 2014-15 bear market, and it screamed buy during the crypto winter of 2018-19.It happened again in late 2022. This isn't some fluffy sentiment indicator; it's raw math based on miner economics.When mining revenue collapses so severely that it becomes unsustainable, the weakest miners capitulate, selling their holdings just to keep the lights on. This massive, forced selling creates the final washout—the point of maximum pain and maximum opportunity.While the clueless regulators in Washington scramble to understand what a blockchain even is, and while the altcoin carnival peddles the next useless meme token, Bitcoin's foundational metrics are quietly doing their work. The Puell Multiple cuts through the fear, uncertainty, and doubt.It tells you when the last weak hands have been shaken out and when the bedrock of the network—the miners—have been tested to their limit. That's when the real accumulation begins, not by the tourists, but by those who understand Bitcoin's immutable cycles.The chart doesn't care about Fed meetings or ETF flows; it speaks the cold, hard truth of supply and demand. If history is any guide, and with Bitcoin it relentlessly is, this metric has once again illuminated the path.The bottom is in. The rest is just noise.

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#bitcoin

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#market bottom

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#cycle analysis

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#technical indicator