Bitcoin News: Bitcoin Bull Run Incoming? Puell Multiple Signals Potential 90% Rally

According to Cointelegraph: Bitcoin's (BTC) price could be set for a significant surge, with the Puell Multiple—a key mining profitability metric—indicating the potential for a 90% price rally. According to CryptoQuant's latest analysis, historical trends and favourable macroeconomic conditions are aligning for what could be a major bull market.Puell Multiple Breakout Suggests Strong Price GainsThe Puell Multiple, which evaluates mining profitability by comparing the daily value of mined Bitcoin to its 365-day moving average, has reached a rare "golden cross." Historically, this event has coincided with notable Bitcoin (BTC) rallies:March 2019: Bitcoin (BTC) surged by 83% following the breakout.January 2020: A 113% price increase was recorded.January 2024: BTC/USD gained 76%.Now, with the Puell Multiple crossing its SMA365 once again, CryptoQuant predicts that Bitcoin may experience an average 90% rally. If history repeats itself, BTC could push well beyond its recent $93,000 high.“This data shows that after the Puell Multiple settles above its SMA365, an average increase of around 90% in Bitcoin’s price has historically followed,” noted CryptoQuant.Favorable Macro Trends Support Bitcoin’s UpsideCryptoQuant highlighted that the macroeconomic environment, characterized by easing monetary policies and strong institutional demand, further boosts the likelihood of a rally."All these data points and the macroeconomic framework suggest that a strong bull rally might be on the horizon," the report added.RSI Signals Bitcoin Bull Market is Just BeginningOther technical indicators also point to continued upside for Bitcoin. The Relative Strength Index (RSI), a momentum oscillator, is signaling the start of a bull market. Historically, during Bitcoin bull runs, the RSI stays above its "overbought" level of 70. As of Nov. 18, the monthly RSI sits at 74.4, suggesting that Bitcoin’s parabolic phase has just begun.Analysts Predict Six-Figure BitcoinWith Bitcoin already up over 40% in Q4 2024, analysts are forecasting even greater highs. PlanB, creator of the Stock-to-Flow price model, anticipates the main wave of retail "Fear of Missing Out" (FOMO) to hit in early 2025, potentially pushing Bitcoin well into six-figure territory."Lots of people are about to become intimately familiar with the phrase 'FOMO' on this Bitcoin cycle," commented Preston Pysh, co-founder of The Investor’s Podcast.Outlook: Will Bitcoin Hit $100K?As Bitcoin consolidates around $92,000, the market is increasingly optimistic about breaking through the six-figure barrier for the first time in its history. However, some analysts caution that retail-driven FOMO could trigger a sharp correction before the rally continues.For now, all eyes remain on Bitcoin’s next moves as it teeters on the edge of potentially historic price action.Read More: Bitcoin Market Enters Frenzy Stage with High ProfitabilityCryptocurrency Outperforms Traditional Assets Amid Policy OptimismBitcoin Supply on Exchanges Hits Lowest Level Since 2018