Encryption Expert Predicts Bitcoins Next Development Step with High Optimism

CoinDesk Report:
As we enter the last week of September, the current trading price of Bitcoin is approximately $63,500.
Optimistic about the bullish price, renowned cryptocurrency analyst Willy Woo has presented an optimistic outlook for Bitcoin’s next move, drawing attention to a key technical indicator – the Puell Multiple. In recent analysis, Woo believes that Bitcoin is preparing for a significant rebound, predicting a bullish trend in the last quarter of 2024.
The Role of the Puell Multiple
Willy Woo’s perspective revolves around the Puell Multiple, which is an indicator that helps identify Bitcoin market cycle peaks and troughs by comparing BTC’s daily issuance with its price. In other words, the Puell Multiple compares the difference between short-term BTC miner revenue and long-term revenue trends. Historically, this indicator has been used to determine optimal buying opportunities for BTC.
Woo took to the social media platform X to post an adjusted version of the traditional Puell Multiple chart, highlighting specific points where Bitcoin transitions from a bullish cycle to a bearish cycle. It’s worth noting that the chart highlights the accumulation period after the bottom of Bitcoin’s long-term downtrend and after each halving event. These two periods are typically associated with the change from negative to positive threshold values of the Puell Multiple.


Source: X
At the time of writing, the Puell Multiple is currently at -1. However, recent market dynamics indicate that this indicator has been on the rise since early 2024 and steadily approaching zero. Woo stated in the analysis, “The best time to buy Bitcoin is at the bottom. The second best time to buy is after the halving and re-accumulation.” This essentially means that Bitcoin is now approaching a perfect accumulation point, especially for long-term holders, following the most recent halving in April 2024. He points out that the re-accumulation phase of BTC is typically characterized by gradually increasing prices, which is currently unfolding. Therefore, now is the best time to buy Bitcoin, particularly for those seeking long-term success.
Bullish Flags and Market Accumulation
In his early Bitcoin analysis, Woo emphasizes the decrease in BTC available on cryptocurrency exchanges. He mentions, “We’re seeing a lot of spot BTC being bought up from exchanges.” Meanwhile, the BTC price chart is beginning to show a recognizable “bullish flag” pattern, which is a signal often associated with an upcoming price breakout.


Source: X
There is no denying the widespread consensus around Bitcoin’s significant price surge, especially as we enter the fourth quarter of this year, historically known for bullish activity. This further highlights Woo’s compelling viewpoint.
At the time of writing, the trading price of Bitcoin is $63,647, with a 1.30% increase in the past 24 hours.


BTC price at $63,000 | Source:
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