Recent analysis of the Bitcoin Puell Multiple shows it has dropped to 0.7, signaling lower miner revenue compared to the yearly average.

Historically, such dips in the Puell Multiple have preceded bullish trends in Bitcoin's (CRYPTO:BTC) price.

The decline in miner revenue is primarily attributed to the recent fourth Bitcoin Halving event, which halved block rewards.

Despite Bitcoin's current price around $57,300, the market outlook remains cautiously optimistic, anticipating a potential uptrend based on historical patterns of the Puell Multiple during previous bull cycles.