BlockBeats news, on June 21, crypto analyst Lark Davis noted that the current reading of Bitcoin’s Puell Multiple indicates the market is near or at the bottom of this cycle. The metric measures miner profitability by tracking the ratio of daily miner revenue to its 365-day average; historically, prolonged periods of low miner income—forcing miners to sell BTC to cover operational costs—have coincided with cycle lows.
Davis noted that although the indicators have not yet reached the green oversold zone, signs of miner stress have emerged—a pattern historically associated with the beginning of the end of a bear market. He also pointed out that the overall price signals in this cycle have been milder compared to historical norms.
Davis believes whether $59,000 can hold as this cycle's low point will become clear over the coming months, but current signs are already becoming evident.