CryptoQuant, a chain analysis platform, claimed that Bitcoin (BTC) has formed a rarely seen bullish pattern.

Although the impact of the US elections is slowly fading, the BTC price is trading above $90,000. While Trump's takeover is expected on January 20th, the crypto market is predicted to remain positive during this period.

A rare breakthrough has emerged in BTC price chart measurements. CryptoQuant expressed that Bitcoin has hinted at a “strong rally” in its analysis published on November 18.

According to the analysis, the BTC price is approaching the breakout line in the 'Puel Multiple' indicator. If the mentioned breakout occurs, it is estimated that the price will increase by nearly 90%.

"Historic opportunity for Bitcoin"

CryptoQuant, analyzing the results of Puel Multiple in the last five years, discovered that the metric has only crossed its 365-day moving average three times. BTC experienced a significant increase in all three of these breakthroughs.

CryptoQuant analyst Burakkesmeci, who made statements about the subject, said the following;

"Puell Multiple helps us understand market cycles from a mining perspective."

According to the Puell Multiple metric, BTC recorded a 76% increase in January 2024, when the metric was last seen. In January 2020, when the metric exhibited an upward breakout, the BTC price also increased by 113%. The third and final data point occurred in March 2019. At that time, following the golden cross formed by the Puell Multiple, the BTC price increased by 83%.

The analysis touched upon the following;

All these data points and the macroeconomic framework indicate that a strong bull rally may be on the horizon

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This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should conduct their own research when making decisions.