Bitcoin Puell Multiple Suggests Miner Pressure; Analyst Flags $59K as Potential Cycle Bottom

Huo Xing Finance reports that on June 21, crypto analyst Lark Davis noted that the current reading of Bitcoin’s Puell Multiple suggests the market is nearing or has already entered the bottom region of this cycle. The indicator measures miner profitability by comparing 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 stated that although the indicator has not yet reached the oversold green zone, signs of miner stress have emerged, which historically have signaled the beginning of the end of a bear market. He also noted that price signals in this cycle have been generally milder compared to historical patterns. Davis believes whether $59,000 holds as the cycle low will become clear over the coming months, but current indicators are becoming increasingly evident.