CryptoQuant analyst: On-chain indicators show Bitcoin is approaching a "favorable" buy level
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Odaily Odaily News CryptoQuant analyst Grizzly wrote that historical data shows that the range of the Bitcoin Puell Multiple Index between 0.6 and 0.8 can be described as the "Decision Zone". Analysis of trends over the past decade shows that when the index falls below the 0.6 threshold, it usually represents an ideal opportunity for the dollar cost averaging (DCA) strategy. On the contrary, historically, breaking through the 0.8 level has been associated with bullish market behavior, often pushing Bitcoin prices to all-time highs. Currently, the Puell Multiple Index fluctuates between these two critical levels. If the historical pattern remains unchanged, the bearish scenario of the index falling below 0.6 may once again bring favorable buying opportunities to investors.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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