Bitcoin (BTC) could be entering the end of the price correction phase to enter a bullish rally, which would come in the third quarter of 2024. This is suggested by the analyst known as Crypto Dan, based on the Puell multiple, a metric used to detect good times to buy or sell the digital coin.

In that context, the price of the digital coin created by Satoshi Nakamoto collapsed from $62,000 to $54,000 during the last week.

However, in the midst of this selling pressure, Crytpo Dan maintains that, according to the data thrown by the Puell multiple, there will be a change in trend. He explains:
"It is an opportunity that only occurs once within the bullish cycle."

Specialists often use it to detect entry or exit points, based on miners' profitability.

As shown in the chart below, the areas in red mark cases where miners' profitability decreases rapidly and this indicator collapses. 'During the bullish cycle in 2016 and 2020, this indicator fell significantly, followed by the start of the strong bitcoin rally in 2024,' details Crypto Dan.