Data: CryptoQuant: BTC Puell Multiple falls into discount zone, historic signal may indicate market bottom formation

CryptoQuant's analysis indicates that the Bitcoin Puell Multiple metric has fallen into the discount zone, a level last seen in March 2025, when the Bitcoin price was around $75,000.

This metric reflects the market valuation status by comparing miners' daily income to the annual average income. The current metric is below 1, indicating that miners' income is below normal levels and may be facing financial pressure. Historical data shows that all major market correction reversals have begun in these discount areas, and while it does not guarantee an immediate bottom, it statistically suggests a major bottom in the Bitcoin bull market cycle.

Analysts believe that the current market is entering a phase of reduced risk and increased upside potential, where this pessimism often breeds a new upward trend.