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Bitcoin Approaching Prime Buying Opportunity? Puell Multiple Says Yes!

A key Bitcoin on-chain indicator is flashing signals that could mean a favorable buying opportunity is on the horizon. According to CryptoQuant analyst Grizzly, the Puell Multiple index—a metric used to assess miner selling activity—has dipped into a critical "Decision Zone." If it falls below 0.6, history suggests it might be an ideal moment to buy.

Currently, the Puell Multiple sits at 0.69, not far from this key threshold. Analysts point out that the last time Bitcoin was in this zone, it led to strong reaccumulation opportunities. Bitcoin is trading around $58,400, and with the recent pullback, some traders see this as the second-best chance to accumulate before the next big wave.

Could this be your last opportunity to buy before Bitcoin takes off again? Some analysts think so, but others caution that Bitcoin may continue to consolidate through September, with a breakout likely in October.