Bitcoin Miner Cycle Pressure Index Falls to 2026 Low, Analyst Says

Bitcoin’s miner cycle pressure composite index has dropped to a new low for 2026 and entered a historical “undervalued” range, according to analyst @gaah_im. According to PANews, the metric combines the Puell Multiple and an inverse miner capitulation index, which respectively track miner revenue and cost dynamics. The report said the two indicators’ synchronized signals have historically been a strong reference for identifying Bitcoin cycle bottoms. It noted that previous synchronized collapses in the composite index occurred near major Bitcoin bottoms in 2015, 2018, 2020, 2022, and 2024. The composite index previously touched 0.00 only once, during the 2015 capitulation period, when Bitcoin fell from about $300 to $160 within a week. The analyst said the index is showing similar behavior again in 2026, indicating miner pressure has returned to historically rare levels.