Experts from the analytical company CryptoQuant stated that the Bitcoin mining profitability indicator has moved “into the green zone” for the first time since the end of September 2022. According to experts, the stagnation of the first cryptocurrency has come to an end.

In CryptoQuant indicated that the current value of the classic mining profitability indicator Puell Multiple has reached 0.6.

This is a strong signal for a reversal of the trend towards an increase in the value of Bitcoin in the medium term, analysts noted.

“The main difference between the current situation and previous growth attempts is that traders’ sentiment has changed in favor of a long-term bullish rally in the cryptocurrency. Bitcoin’s stagnation is ending,” the experts announced.

September was a record month for Bitcoin in terms of profitability. The first cryptocurrency grew by about 9%, surpassing the figures of September 2016, when the growth was 6%. The asset price overcame a series of decreasing highs that had been forming since the end of July. In early October, Bitcoin may target the $67,000 mark. Overcoming this level will open the way to new historical highs, experts emphasized.

Earlier, analysts from the financial corporation Standard Chartered stated that after the reduction of the key rate of the US Federal Reserve System (FRS), the Bitcoin rate will experience steady growth.