随着矿工利润下降，比特币价格有望上涨，表明看涨趋势

根据最近的分析，称为普埃尔倍数的链上指标表明，比特币可能处于看涨价格走势的位置。衡量矿工每日收入与 365 天移动平均线之比的普埃尔倍数最近大幅下跌，表明矿工的收入低于历史平均水平。从历史上看，这种下跌与比特币价格上涨时期同时发生。

Bitcoin Price Movement Hinges on Metrics, Indicating Potential Bullish Trend

比特币价格走势取决于指标，表明潜在的看涨趋势

Recent on-chain analysis has identified a significant plunge in the Bitcoin Puell Multiple, an indicator that gauges the profitability of Bitcoin miners. This development suggests that the asset may be entering a period of favorable price action.

最近的链上分析发现，比特币普埃尔倍数（衡量比特币矿工盈利能力的指标）大幅暴跌。这一发展表明该资产可能正在进入一个有利的价格走势时期。

Understanding the Bitcoin Puell Multiple

了解比特币 Puell 倍数

The Bitcoin Puell Multiple measures the ratio of daily Bitcoin miner revenue to the 365-day moving average of miner revenue. Miner revenue refers to the amount earned by validating transactions and solving blocks on the Bitcoin network, which is typically fixed in BTC terms.

比特币普埃尔倍数衡量比特币矿工每日收入与矿工收入 365 天移动平均值的比率。矿工收入是指通过验证比特币网络上的交易和解决区块而获得的金额，通常以 BTC 计算。

Since miner rewards remain constant in BTC value, the Puell Multiple's fluctuations primarily reflect changes in the USD conversion rate of Bitcoin. When the price of Bitcoin is high, miners tend to sell more of their holdings, increasing selling pressure. Conversely, when Bitcoin's price is low, miners may choose to hold onto their mined BTC, reducing selling pressure.

由于矿工奖励在 BTC 价值中保持不变，因此 Puell Multiple 的波动主要反映了比特币美元兑换率的变化。当比特币价格较高时，矿工往往会抛售更多比特币，从而增加抛售压力。相反，当比特币价格较低时，矿工可能会选择持有其开采的比特币，从而减少抛售压力。

Recent Plunge in the Puell Multiple

最近普尔倍数暴跌

In recent days, the Bitcoin Puell Multiple has experienced a sharp decline, signaling that miners are currently earning less than the yearly average. This observation is particularly notable given that Bitcoin's price has not witnessed a similar decline.

最近几天，比特币普埃尔倍数大幅下跌，表明矿工目前的收入低于年平均水平。鉴于比特币的价格尚未出现类似的下跌，这一观察结果尤其值得注意。

Implications for Bitcoin's Price

对比特币价格的影响

Historically, when the Bitcoin Puell Multiple has fallen to levels similar to those observed recently, the price of Bitcoin has often experienced a temporary pause before resuming its upward trajectory. This suggests that the current situation may be bullish for Bitcoin, indicating a potential for price appreciation.

从历史上看，当比特币普埃尔倍数跌至与最近观察到的水平类似时，比特币的价格通常会经历暂时的停顿，然后再恢复上行轨迹。这表明目前的情况可能有利于比特币，表明价格有升值的潜力。

Influence of Halving Events

减半事件的影响

It is worth noting that the Bitcoin mining reward undergoes periodic adjustments known as halvings, which occur approximately every four years. During halvings, the mining reward is permanently reduced by half. The most recent halving occurred earlier this month, likely contributing to the recent decline in the Puell Multiple.

值得注意的是，比特币挖矿奖励会定期调整，称为减半，大约每四年发生一次。减半期间，挖矿奖励永久减少一半。最近一次减半发生在本月早些时候，这可能导致了最近普埃尔倍数的下降。

Correlation with Previous Halving Cycles

与之前减半周期的相关性

In previous halving cycles, the Puell Multiple has exhibited similar behavior. In 2012, 2016, and 2019, when the ratio reached comparable levels, Bitcoin's price typically paused before resuming its bull run. This historical pattern suggests the possibility of a similar outcome in the present cycle.

在之前的减半周期中，普埃尔倍数也表现出了类似的行为。在 2012 年、2016 年和 2019 年，当该比率达到可比水平时，比特币的价格通常会暂停，然后再恢复牛市。这一历史模式表明，当前周期中可能出现类似结果。

Current State of Bitcoin's Price

比特币价格的现状

Despite the potential bullish signals indicated by the Puell Multiple, Bitcoin's price has recently experienced a setback. After recovering above $64,000 yesterday, its price has since retreated to approximately $61,300.

尽管普埃尔倍数表明了潜在的看涨信号，但比特币的价格最近经历了挫折。昨天恢复至 64,000 美元上方后，其价格已回落至约 61,300 美元。

Conclusion

结论

The recent plunge in the Bitcoin Puell Multiple has emerged as a potentially significant indicator for the asset's future price action. Historically, such a plunge has been associated with bullish outcomes, although it is important to note that market conditions can always change. As with any investment, it is crucial to conduct thorough research and consult professional advice before making any decisions.

最近比特币普埃尔倍数的暴跌已成为该资产未来价格走势的潜在重要指标。从历史上看，这种暴跌一直与看涨结果相关，但值得注意的是，市场状况总是会发生变化。与任何投资一样，在做出任何决定之前进行彻底的研究并咨询专业建议至关重要。