The Puell Multiple recently declined to 0.67 and is now stabilizing around the 0.8 level.
With each halving cycle, both the cyclical highs and lows of this metric continue to converge, suggesting that the structural bottom for the current cycle is likely forming in the 0.45–0.55 range.
Notably, unlike previous cycles, the latest downturn occurred without reaching the prior trend peak near 2, instead reversing in the 1.2–1.4 zone.
This indicates a significant reduction in miner-driven overheating and reflects the ongoing compression of the indicator’s overall scale.
As a result, an extreme capitulation event—such as a drop into the 0.3 range—has become structurally unlikely.
While the Puell Multiple alone does not confirm an absolute cycle bottom,
the metric shows that Bitcoin is gradually entering a mid-cycle bottoming zone, where a rebound can occur even without additional downside.
Written by miracle yoon
