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The current phase of the cryptocurrency market is quite confusing due to its frequent ups and downs momentum across the market. Amid this challenging market, on July 9, 2024, an on-chain analytic firm CryptoQuant made a post on X (Previously Twitter) highlighting that this is a potential opportunity in this ongoing bull cycle.&nbsp;
An opportunity that comes once within a bull cycle“This indicator fell significantly during the bull cycle in 2016 and 2020, followed by the beginning of Opportunity in the Bull cycle 
However, this statement byCryptoQuant is directly linked to a technical indicator named “Puell Multiple”. In the post on X, they also mentioned that in both the 2016 and 2020 bull cycles, this indicator plummeted before significant uptrends in Bitcoin’s price began.&nbsp; 
This post on X, also explained that this indicator is generally used by traders and investors to find the bottom of a bear market, but it is highly effective in identifying the end of the correction phase during the bull cycle. Historically, sharp declines in miners’ profits have often signaled the end of correction periods in bull markets and even indicated market bottoms during bear cycles.&nbsp;
In the cryptocurrency landscape, miners’ profitability indicators are crucial for offering insight into market trends.&nbsp;
However, in 2024 similar movements in miners’ profitability have been observed, suggesting that we may be nearing the end of the current correction phase. While the exact timing of the market shifts is very challenging in this volatile market, this indicator hints at a potential bullish rally in the third quarter of 2024.&nbsp; Market performance since June 2024 
Since the start of June 2024, the overall cryptocurrency market has fallen significantly. The world’s biggest cryptocurrency, Bitcoin (BTC), has experienced a notable decline of 27% during this period. Amid this price fall, altcoins have been significantly impacted, with many falling have more than 50% during this time.
As of now, after the recent update regarding ETF (Exchange Traded Fund) in the United States, the market looks recovering. Additionally, it may significantly recover once this most awaited <a href="https://news.todayq.com/analyst-forecasts-launch-date-for-spot-ethereum-etf/" rel="noopener noreferrer nofollow">spot Ethereum ETF</a> gets approval by the Securities and Exchange Commission (SEC) in the United States.
In this ongoing challenging situation, the whales, investors, as well as the government including the US and Germany also dumped significant BTC. Whereas, a few investors and whales like TRON founder Justin Sun accumulated significant Ethereum and other tokens as well.

This indicator signals bullish rally in 3rd quarter of 2024

Todayq News

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