As of November 18, 2024, the relative strength index (RSI) for Bitcoin was recorded at 74.4, indicating strong bullish momentum, typically seen during bull runs.

On the same day, CryptoQuant noted a rare golden cross for Bitcoin's Puell Multiple, a phenomenon that historically leads to significant price increases.

Analysts predict that the main wave of FOMO for Bitcoin may materialize in early 2025, suggesting a potential surge in interest and investment.

The Bitcoin Puell Multiple is approaching a significant crossover with its 365-day moving average, a signal that has historically preceded bullish price movements for Bitcoin.

This Puell Multiple measures the revenue of Bitcoin miners relative to the annual average, focusing solely on block subsidy income.

After dipping below 1 earlier in 2024, primarily due to the fourth Bitcoin halving event that reduced miners' block subsidy, the Puell Multiple has sharply increased and is nearing the 1 mark.

Currently, Bitcoin's price has stabilized around $91,900 following a recent cooldown in bullish momentum.

Despite a 40% gain in Q4 2024 thus far, many analysts believe that Bitcoin's most intense price upside is still ahead, with expectations of a 'parabolic phase' lasting around 300 days.

There are rising expectations for Bitcoin to reach six figures for the first time, although concerns linger about a potential correction driven by retail FOMO.

Favorable macroeconomic conditions are also contributing to the likelihood of a future Bitcoin rally, as noted by CryptoQuant.

Historically, when the Puell Multiple has crossed above its 365-day moving average, Bitcoin has experienced significant price rallies, averaging gains of at least 76%.

In the last five years, the Puell Multiple has crossed its moving average three times, resulting in BTC price surges of 83%, 113%, and 76% after each crossover.