比特幣 (BTC) Puell 多重接近突破，預示著 90% 的潛在反彈

比特幣的普埃爾倍數是分析挖礦獲利能力的關鍵指標，即將突破 365 天簡單移動平均線 (SMA)

A key indicator for analyzing mining profitability is nearing a breakout that has historically marked the beginning of significant price rallies for Bitcoin, according to a CryptoQuant analyst.

CryptoQuant 分析師表示，分析挖礦獲利能力的關鍵指標即將突破，這在歷史上標誌著比特幣價格大幅上漲的開始。

The Puell Multiple, which calculates the ratio between the daily value of newly issued Bitcoin and its 365-day moving average, offers insights into mining economics and market cycles.

Puell Multiple 計算新發行的比特幣每日價值與其 365 天移動平均值之間的比率，提供對挖礦經濟和市場週期的見解。

Miners, often seen as compulsory sellers due to operational costs, can significantly influence market prices through their revenue patterns. By identifying periods when Bitcoin’s daily issuance value deviates notably from historical norms, the indicator signals potential strategic entry and exit points for investors.

由於營運成本的原因，礦商通常被視為強制賣家，他們可以透過其收入模式顯著影響市場價格。透過識別比特幣每日發行價值顯著偏離歷史正常水平的時期，該指標為投資者發出了潛在的戰略進入和退出點的信號。

“This multiple provides insight into the economics of Bitcoin mining and the broader market cycle,” the analyst noted. “Miners are often considered forced sellers due to their need to cover operational costs, which can significantly impact the market price of BTC.”

「這個倍數提供了對比特幣挖礦經濟學和更廣泛市場週期的洞察，」分析師指出。 “礦工通常被認為是被迫賣家，因為他們需要支付營運成本，這可能會嚴重影響 BTC 的市場價格。”

Past instances of the Puell Multiple crossing above its 365-day SMA have signaled the start of strong price rallies, with an average gain of 90% in the following periods.

過去，普埃爾多重突破 365 天移動平均線的例子標誌著價格強勁反彈的開始，在接下來的時期平均漲幅為 90%。

For example, Bitcoin went on to gain 83% after a similar crossover on March 30, 2019, followed by a 113% increase after January 8, 2020, and a 76% rise following January 9, 2024.

例如，比特幣在 2019 年 3 月 30 日發生類似交叉後繼續上漲 83%，隨後在 2020 年 1 月 8 日後上漲 113%，在 2024 年 1 月 9 日後上漲 76%。

After bottoming out at $14,400 in March 2020, a sustained uptrend began as the Puell Multiple crossed above its 365-day SMA on January 8. This breakout coincided with a period of institutional interest and signaled the start of a bull market that saw Bitcoin reach new all-time highs.

在2020 年3 月觸底於14,400 美元後，隨著普埃爾倍數於1 月8 日突破365 日移動平均線，持續上升趨勢開始。比特幣達到了新的水平。

However, it's important to note that technical indicators alone do not guarantee future price movements, and investors should always conduct thorough analysis and consider a range of factors before making any trades.

然而，需要注意的是，技術指標本身並不能保證未來的價格走勢，投資者在進行任何交易之前應始終進行徹底的分析並考慮一系列因素。