The Bitcoin Puell Multiple, a key on-chain indicator, has recently fallen below 0.4, marking its lowest since late 2022. This metric tracks the ratio between daily Bitcoin miner revenue and its 365-day moving average.

When the Puell Multiple is above 1, miners earn more than the yearly average, and below 1 indicates lower earnings. Currently, it's under 0.4, a historic low that often signals a market bottom.

The indicator peaked earlier this year but plunged after Bitcoin's fourth Halving, which cut the block subsidy in half. This reduction, coupled with BTC’s price drop, has decreased miner revenue, pulling the Puell Multiple down.

Historically, Bitcoin prices have tended to form bottoms in this zone. The last time this occurred was during the bear market lows of 2022. If the pattern holds, Bitcoin may rebound after remaining in this zone for some time.

Recently, Bitcoin has struggled to surpass $58,000, indicating possible ongoing consolidation before any significant price movement.