Bitcoin Metric Breakout Teases ‘Inevitability’ of Next 90% BTC Price Rally

Bitcoin could see a “strong bull rally” if a well-known BTC price gauge repeats its historical highs.

In one of its Quicktake blog posts on November 18, onchain analytics platform CryptoQuant pointed out an unusual Golden Cross for Bitcoin (BTC) Puell Multiple.

The Puell Multiple is close to the BTC price tag line

Bitcoin bulls will benefit from an average BTC price increase of 90% if the pull multiple levels experience an unusual crash.

Analyzing behavior over the past five years, CryptoQuant shows that the index has crossed its 365-day moving average only three times. In each instance, BTC/USD “showed significant price increases.

“Puell Multiple helps us understand market cycles from a mining perspective,” said CryptoQuant contributor Burakkesmeci.

“It is an important indicator to evaluate the profitability of mining.”

Pool measures the daily price of Bitcoin, a 365-day moving average, to provide insight into mining stability. When the value crosses the moving average trend line, it coincides with rapid BTC price gains.

In March 2019, Puel's golden cross was followed by 83% of the rally. January 2020 triggered a 113% upside, while the closest cross in January 2024 provided 76% returns.

“This data shows that the Puell Multiple, after settling above its SMA365, follows the historical average increase in the price of Bitcoin around 90%,” said the post.

According to CryptoQuant, favorable macroeconomic conditions will help increase the likelihood of an “inevitable” rally.

“All these data points and the macroeconomic framework suggest that a strong bull rally may be on the horizon,” he said.

The RSI shows that the Bitcoin bull market has just begun

As Cointelegraph reports, BTC/USD has gained more than 40% so far in Q4, but various analysts now see Bitcoin's strongest upside ahead.

Related: BTC Price Closes to $90K Weekly — 5 Things to Know in Bitcoin This Week

The “parabolic phase” of the market has ideally begun, lasting about 300 days before a new macro high is entered.

Locally, expectations are rising that Bitcoin will hit six figures for the first time in history, amid fears that retail “FOMO” could force a sharp correction.

Analyst Preston Pisch, co-founder of The Investor Podcast, predicted this week on X that “many people are going to be familiar with the phrase FOMO during this Bitcoin cycle.”

Earlier this month, the eponymous analyst Plan, creator of the Stock-to-Flow family of BTC price models, predicted a major FOMO wave in early 2025.

Planby cited the Relative Strength Index (RSI), which tends to stay above the “overbought” 70 level during Bitcoin bull runs. The monthly RSI measured 74.4 on November 18, according to data from Cointelegraph Markets Pro and TradingView.

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