Bitcoin’s Mayer Multiple suggests that even though BTC reached all-time highs, it remains closer to an “oversold” state, positing a potential target price of $180,000. The latest Mayer Multiple readings indicate that, despite current prices around $120,000, Bitcoin is not yet in an overheated condition.

Key Highlights:

• Bitcoin’s Mayer Multiple indicates it is close to “oversold”, not “overbought”.
• The indicator hasn’t shown significant movement as Bitcoin’s price has struggled to achieve a decisive breakout.
• Current market expectations do not lean towards a blow-off top for Bitcoin this month.

Bitcoin (BTC) is described as remaining “ice cold” despite its recent record prices, indicating potential upside movement towards $180,000.

Mayer Multiple Metrics

The Mayer Multiple assesses the price relative to its 200-week moving average (MA). With a current standing at 1.16, it is closer to the 0.8 level, which typically suggests an approaching bearish trend.

Crypto quant analyst Frank A. Fetter stated on social media that “the Mayer Multiple is ice cold,” suggesting it is favorable for further price growth.

“I like the setup,” Fetter added, referencing a chart that indicates Bitcoin would need to inflate to $180,000 to meet the higher Mayer Multiple threshold. The Multiple has generally cooled as compared to prior bullish cycles, only peaking at a level of 1.84 in March 2024 when Bitcoin traded at approximately $72,000.

Conclusion on Market Trends

Crypto analyst Axel Adler Jr. expressed that readings near 1.1 can be a positive indicator for future bullish momentum. However, debates continue regarding Bitcoin’s next significant price movement, with current expectations suggesting the potential for market fluctuations.

Investors are advised to conduct their own research when making trading decisions.