Bitcoin (BTC) appears to be in the midst of a quiet accumulation phase that has historically preceded explosive price rallies.
Puelle Multiple Shows Bitcoin Has More Room To Grow
That is according to an onchain metric dubbed “Puelle Multiple,” which analysts employ to gauge miner profitability. The indicator divides Bitcoin’s daily issuance (in USD) by its 365-day moving average.
Historically, spikes above 4–6 have marked market tops, while drops below 0.5 have signaled major bottoms. Right now, the Puell Multiple floats between 1 and 2, a range that previously marked accumulation periods in 2015, 2018, and 2022.
In each case, BTC consolidated before launching into a strong uptrend. Chartist Merlijn the Trader, who mapped the current structure, says the pattern “strongly resembles previous bottoming cycles” and shows that smart money continues to buy Bitcoin in silence.
In previous cycles, BTC exploded higher once the Puell Multiple began climbing out of the accumulation zone. Bitcoin hit its top in 2017 and again in 2021 when the metric moved into the red “overheated” zone.
Bitcoin has entered the minor correction stage after establishing a new record high at around $123,235 on July 14.
On-chain data shows investors used the dip as a buying opportunity.
Glassnode’s cost basis heatmap reveals that over 196,600 BTC—worth more than $23 billion—changed hands between the $116,000 and $118,000 levels alone, suggesting strong conviction among buyers.
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See all Bitcoin forecastsCalls for $150,000 Bitcoin Are Growing
Most Bitcoin analysts have shown conviction in the cryptocurrency’s ability to rally toward $150,000 in the coming months
Michaël van de Poppe, a widely-followed market strategist, sees Bitcoin reaching $150,000 by Q3 2025, citing strong breakout momentum above the $110,500 level.
Beautiful breakout upwards on #Bitcoin.
It broke $110,500, found immediate support and continues to rally towards new ATHs.
What’s next?
Likely we’ll see $150K in Q3. pic.twitter.com/vNTEYc9z99
— Michaël van de Poppe (@CryptoMichNL) July 10, 2025
Binance’s head of research, Markus Thielen, echoes this sentiment, assigning a 60% probability to a 20%+ rally in the short term — a move that could put BTC well on track for $150,000.
Technical analyst Kyle Reidhead of Milk Road also supports this projection, calling the recent rally a textbook “cup-and-handle” breakout and tweeting, “see you at $150,000.
see you at $150k 🫡 https://t.co/bvdCmzZq7X pic.twitter.com/rlcKhAzTBe
— Kyle Reidhead | Milk Road (@KyleReidhead) July 9, 2025
Prediction markets seem to agree. On Polymarket, participants are giving Bitcoin nearly a 46% chance of hitting $150,000 before the end of 2025, with even higher odds for $130,000.
