The post Bitcoin’s Puell Multiple Says BTC Price Undervalued as Bulls Target $96K appeared on BitcoinEthereumNews.com. Bitcoin (BTC) is due for a “new uptrend” as a key BTC price metric suggests that the recent drop to $80,000 provided a prime buying opportunity.  Key takeaways: Bitcoin’s Puell Multiple has entered the discount zone, suggesting undervalued market conditions. BTC bull flag pattern targets a short-term recovery to $96,000.  Bitcoin price is “entering an opportune moment” Data from CryptoQuant suggests that Bitcoin is in a buy-the-dip zone. The Puell Multiple, which tracks miners’ daily revenue against the annual average, has returned to the discount zone, following Bitcoin’s latest drop to multi-month lows around $80,500.  Related: Bitcoin looks red again this month, but demand may stir soon: Bitfinex When the Puell Multiple falls below 1, it indicates that miners are generating less revenue than usual, suggesting financial pressure and potential capitulation.  At 0.86, the metric signals undervaluation and suggests that the “market is pricing Bitcoin below its fair value,” said CryptoQuant analyst Gaah in a QuickTake analysis on Tuesday. The last time the indicator was this low was in April 2025, when BTC was trading close to $75,000, preceding a 50% rally to its previous all-time highs of $112,000 reached on May 22.  Bitcoin Puell Multiple and price comparison. Source: CryptoQuant “Historically, all major correction reversals have started in precisely these discount regions,” the analyst said, adding: “With the Puell Multiple again below this range, the market signals that we are entering an opportune moment. It is precisely in these moments of pessimism that a new uptrend begins to form.” Additionally, data from Capriole Investments shows that Bitcoin’s MVRV Z-Score — a metric that compares BTC’s market value to its realized value and adjusts for volatility — has seen a notable decline, dropping to a two-year low on Nov. 22.  Historically, all previous Bitcoin drawdowns have been accompanied by a… The post Bitcoin’s Puell Multiple Says BTC Price Undervalued as Bulls Target $96K appeared on BitcoinEthereumNews.com. Bitcoin (BTC) is due for a “new uptrend” as a key BTC price metric suggests that the recent drop to $80,000 provided a prime buying opportunity.  Key takeaways: Bitcoin’s Puell Multiple has entered the discount zone, suggesting undervalued market conditions. BTC bull flag pattern targets a short-term recovery to $96,000.  Bitcoin price is “entering an opportune moment” Data from CryptoQuant suggests that Bitcoin is in a buy-the-dip zone. The Puell Multiple, which tracks miners’ daily revenue against the annual average, has returned to the discount zone, following Bitcoin’s latest drop to multi-month lows around $80,500.  Related: Bitcoin looks red again this month, but demand may stir soon: Bitfinex When the Puell Multiple falls below 1, it indicates that miners are generating less revenue than usual, suggesting financial pressure and potential capitulation.  At 0.86, the metric signals undervaluation and suggests that the “market is pricing Bitcoin below its fair value,” said CryptoQuant analyst Gaah in a QuickTake analysis on Tuesday. The last time the indicator was this low was in April 2025, when BTC was trading close to $75,000, preceding a 50% rally to its previous all-time highs of $112,000 reached on May 22.  Bitcoin Puell Multiple and price comparison. Source: CryptoQuant “Historically, all major correction reversals have started in precisely these discount regions,” the analyst said, adding: “With the Puell Multiple again below this range, the market signals that we are entering an opportune moment. It is precisely in these moments of pessimism that a new uptrend begins to form.” Additionally, data from Capriole Investments shows that Bitcoin’s MVRV Z-Score — a metric that compares BTC’s market value to its realized value and adjusts for volatility — has seen a notable decline, dropping to a two-year low on Nov. 22.  Historically, all previous Bitcoin drawdowns have been accompanied by a…

Bitcoin’s Puell Multiple Says BTC Price Undervalued as Bulls Target $96K

Bitcoin (BTC) is due for a “new uptrend” as a key BTC price metric suggests that the recent drop to $80,000 provided a prime buying opportunity. 

Key takeaways:

  • Bitcoin’s Puell Multiple has entered the discount zone, suggesting undervalued market conditions.

  • BTC bull flag pattern targets a short-term recovery to $96,000. 

Bitcoin price is “entering an opportune moment”

Data from CryptoQuant suggests that Bitcoin is in a buy-the-dip zone. The Puell Multiple, which tracks miners’ daily revenue against the annual average, has returned to the discount zone, following Bitcoin’s latest drop to multi-month lows around $80,500. 

Related: Bitcoin looks red again this month, but demand may stir soon: Bitfinex

When the Puell Multiple falls below 1, it indicates that miners are generating less revenue than usual, suggesting financial pressure and potential capitulation. 

At 0.86, the metric signals undervaluation and suggests that the “market is pricing Bitcoin below its fair value,” said CryptoQuant analyst Gaah in a QuickTake analysis on Tuesday.

The last time the indicator was this low was in April 2025, when BTC was trading close to $75,000, preceding a 50% rally to its previous all-time highs of $112,000 reached on May 22. 

Bitcoin Puell Multiple and price comparison. Source: CryptoQuant

“Historically, all major correction reversals have started in precisely these discount regions,” the analyst said, adding:

Additionally, data from Capriole Investments shows that Bitcoin’s MVRV Z-Score — a metric that compares BTC’s market value to its realized value and adjusts for volatility — has seen a notable decline, dropping to a two-year low on Nov. 22. 

Historically, all previous Bitcoin drawdowns have been accompanied by a notable drop in the MVRV Z-score and have ended with the metric crossing below the green line (see chart below), signaling that Bitcoin is significantly undervalued.

At 1.13, the MVRV Z-score is approaching the green line, indicating that the BTC/USD pair may be forming a local bottom. Similar levels at the end of 2023 preceded an 80% price rally in the fourth quarter of 2023.

Bitcoin MVRV Z-score. Source: Capriole Investments

Bitcoin price rebound targets $96,000

Data from Cointelegraph Markets Pro and TradingView indicate that the Bitcoin price has risen 8.6% from its local lows of $80,500, as a bull flag suggests a short-term rebound.

The bull flag was in play when the price broke above the upper trendline of the flag at $87,200 on Wednesday. The BTC/USD pair is currently retesting this level to confirm the breakout. 

A successful confirmation would clear the way for a rally toward the measured target of the flag at $96,800, a 10.6% rise from the current price. 

BTC/USD four-hour chart. Source: Cointelegraph/TradingView

Another argument for the bullish case is the positive relative strength index, which has increased to 51 from oversold conditions on Saturday, suggesting increasing upward momentum.

However, veteran trader Peter Brandt warned on Tuesday that Bitcoin’s rebound to $89,00 could be a “dead cat bounce” before traders see another leg downward.

As Cointelegraph reported, a final leverage flush below $80,000 is still possible, as the recent liquidation event may not yet be over.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Source: https://cointelegraph.com/news/bitcoin-eyes-rebound-96k-from-discount-zone-analysis?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound

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