BlockBeats News, June 21st - Crypto analyst Lark Davis pointed out that the Bitcoin Puell Multiple indicator's current reading suggests that the market is near or in the bottoming area of this cycle. This indicator measures miner profitability by tracking the ratio of miners' daily income to the 365-day average. Historically, when miner income remains low and miners are forced to sell BTC to cover operating costs, it often corresponds to the cycle's low point.

Davis stated that although the indicator has not yet reached the green oversold zone, miner pressure signals have appeared, which usually signal the end of a bear market. He also noted that the price signal in this cycle is overall milder compared to historical patterns.

Davis believes that whether $59,000 can hold as the low point of this cycle will be revealed in the coming months, but the current signs are becoming clearer.