This indicator reflects the market cycles in terms of revenue derived from BTC mining. The Puell Multiple is calculated by dividing the daily mined value of bitcoins (in USD) by the 365-day moving average of daily mined value.
If you look from this perspective, as of now, bears have not gained enough strength to push the indicator below the middle of the Puell Multiple support zone (highlighted in red). This was the case during the down market of the 2011-2012, 2013-2014, and 2018-2019. And the decline usually starts from the upper zone of the indicator (from 4 to 10 of the multiplier scale).
It looks more like a bounce down from the upper border, as has happened many times before (orange arrows). This option corresponds more with the current stage of mid-term growth. If this is the case, then the fall in the price of BTC will not last.