If a classic BTC price indicator repeats historical breakouts, Bitcoin (BTC) will face a 'strong bull market rebound.'
In a November 18 Quicktake blog post, on-chain analysis platform CryptoQuant marked a rare golden cross for Bitcoin's Puell Multiple.
Puell Multiple is close to the BTC price breakout line.
If the Puell Multiple sees a rare breakout, Bitcoin bulls will benefit from an average price surge of 90%.
Analyzing behavior over the past five years, CryptoQuant shows that this indicator has only crossed its 365-day moving average three times. Each time, BTC/USD has 'experienced significant price surges.'
“The Puell Multiple helps us understand market cycles from the perspective of mining,” summarized CryptoQuant writer Burakkesmeci.
“This is a key indicator for assessing mining profitability.”
Puell measures the daily value of mined Bitcoin against its 365-day moving average to gain insights into miner stability. When this value crosses the moving average trend line, it often coincides with a rapid increase in BTC price.
In March 2019, there was an 83% rebound after the Puell Golden Cross. The January 2020 cross triggered a 113% increase, while the most recent cross in January 2024 provided a 76% return.
“These data show that after the Puell Multiple closes above its SMA365, the Bitcoin price has historically averaged an increase of about 90%,” the post calculated.
Lastly, CryptoQuant mentioned that favorable macroeconomic conditions contribute to the likelihood of an 'inevitable' rebound.
“All these data points and macroeconomic frameworks indicate that a strong bull market rebound may be imminent,” it stated.
RSI indicates that the Bitcoin bull market has just begun.
As Cointelegraph reported, despite BTC/USD rising over 40% in the fourth quarter so far, various analysts now believe that Bitcoin's strongest upward potential is still ahead.
Related news: BTC price weekly closing near $90 — 5 things Bitcoin needs to know this week.
The market's 'parabolic phase' has nominally begun, lasting about 300 days before a new macro top appears.
Locally, expectations for Bitcoin to reach six figures for the first time in history are increasing, while concerns that retail 'FOMO' could force significant corrections have eased this expectation.
“In this Bitcoin cycle, many people are about to become very familiar with the term 'Fear of Missing Out (FOMO),'” predicted Preston Pysh, co-founder of The Investor's Podcast and popular commentator, this week on X.
Earlier this month, anonymous analyst PlanB, who is the creator of the BTC price model Stock-to-Flow series, saw a major FOMO wave at the beginning of 2025.
PlanB cited the Relative Strength Index (RSI), which tends to remain above its 'overbought' level of 70 during the entire Bitcoin bull market. According to Cointelegraph Markets Pro and TradingView data, the monthly RSI measured at 74.4 on November 18.
