This Ancient Bitcoin Indicator Says ‘Don’t Celebrate Just Yet’ 😏🚀

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In those days, when the world was as restless as a Moscow tavern in spring, the price of Bitcoin (BTC) faltered—slipping not by reason, but by the invisible hand of distant earthquakes, namely, disputes among men in the East. Yet the throngs of investors, swathed in a curious optimism, continued to wager on its fate, their eyes fixated on the mid-$100,000s with the hopefulness of a serf dreaming of emancipation. Some claimed the market, like a young man in love, would run yet farther before succumbing to exhaustion.

Upon the Puell Multiple: A Prophet in the Wilderness

A fellow named Gaah—neither nobleman nor peasant, but a contributor of the CryptoQuant estate—cast his gaze upon the ancient scrolls of metrics. He inspected the Puell Multiple, a device as mysterious as Pierre’s attachment to Natasha, and found it loitering in the discount district, skulking just below a value of 1.40, as if waiting for the price of borscht to fall.

For those blissfully ignorant of such wizardry, the Puell Multiple pits the miner’s daily bread against the long, stoic march of its 365-day moving average. Consider it a tale of two incomes—one, ephemeral and dazzling; the other, patient and plodding. When the number sinks below 1.0, miners stagger like Tolstoy’s cavalry in mud, the market content to mop up coins in peace. Gravity, however, reminds us: lofty numbers portend not serenity, but a hangover at dawn.

“Yes,” quoth Gaah, scratching his beard like an impoverished philosopher. “Although our valiant Bitcoin clambers ever higher, the miners’ pockets jingle with a mere pittance. The market, it seems, is not carried by those laboring in darkness, but perhaps by unseen shepherds—institutions, ETFs, and that old trickster, scarcity.”

Block rewards, those paltry morsels halved in April 2024, have barely cushioned the blow. Imagine a man promised bread, only to find the bakery now bakes loaves half the size, but charges twice as much. The people, undeterred, see opportunity—a glimmer of treasure in the parquet floors of a declining manor house.

Gaah, gazing beyond the horizon, saw a fleeting “window of opportunity”—the sort that’s noticed only after a cold Russian draft chills one’s soul. Yes, the elixir of low miner jubilation and high prices hints at more revels on the morrow.

Is It Euphoria, Or Just Good Vodka?

Surprisingly, the common folk—retail traders—have not yet stormed the winter palace. Their disinterest is as palpable as a countess pretending she didn’t notice Pierre’s advances. Meanwhile, the class of gentlemen—institutions—continue to stockpile Bitcoin as though it were silver for the coming storm, adding weight to the notion that perhaps, this is no mere trinket, but a proper store of value, respectable enough for the family vault.

Take GameStop, for instance. Not content to sell trifles and gaming cartridges, they announced, with the gusto of a Dostoevsky character, grand intentions to raise $1.75 billion in convertible notes, following the purchase of 4,710 BTC. One wonders—have they read too many tales of Metaplanet and Strategy, where men amass debt like land, feverishly exchanging it for fleeting fortunes?

Yet prophecies abound—Bitwise’s Hunter Horsley, with the confidence of a general before defeat, claims resistance to a new all-time high shall fall like weak tea before the $130,000 fortress. A certain Ted Pillows, not known for understatement, predicts we’ll sup with $130,000 Bitcoin by Q3 of 2025. But as of this writing, the figures state otherwise: $104,793, a drop of 2%—hardly the stuff of epic poetry.

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2025-06-14 10:16