Mayer multiple analysis: Bitcoin can reach up to $180,000

The following are key points.

• Bitcoin’s Mayer Multiple shows that BTC could be close to “oversold” Then, “overbought,” Even when the price is at its highest.

• In recent months, the gauge barely changed as BTC struggled to make a definitive breakout.

• The expectation of a blow off top in this month has decreased.

BitcoinBTC( ) “ice cold” Classic BTC Price Metric shows $180,000 as the next target.

Even at $120,000 BTC/USD, the Mayer Multiple showed that it was still far from being overheated.

BTC price gauge still close to “oversold”

Bitcoin’s failure to blow away the top of this bull run has put onchain indicators at the forefront as participants look for signs of a change.

Mayer Multiple is one of the strongest indicators that indicate a price increase.

“Bitcoin is at all-time highs and the Mayer Multiple is ice cold,” Crypto quant analyst Frank A. Fetter’s X account was named after an economist famous for his work. commented On its Readings This Week

The Mayer Multiple (MM) measures the price as a percentage of its moving average for 200 weeks. A reading above 2.4 indicates that the MA is higher by 2.4. “overbought” conditions.

Multiples are currently trading at 1.16. They’re closer to their original price. “oversold” The 0.8-level is lower than the level that typically signals a trend shift to the downside.

“I like the setup,” Fetter was added to a Checkonchain chart. According to the chart, BTC/USD would have to increase to $180,000 in order to hit the 2,4 mark.

Multiples have cooled down this bull-cycle compared with others that preceded it. The maximum was reached in March of 2024, at a level of 1.84. BTC/USD at the time was around $72,000. Data from onchain analysis platform Glassnode.

Axel Adler Jr. was another analyst who made a crypto-analysis in July of this year. likewise described Multiple readings close to 1.1 “good fuel reserve for a new upward impulse.”

BTC price on hold

Bitcoin’s timing for its next explosive move is still a subject of discussion.

Related: BTC October price breakout odds low: 5 things to know in Bitcoin this week

The current thesis suggests that the bullish market could be over by year’s end if there hasn’t been a breakthrough. may be in danger.

In the short term, October is traditionally Bitcoin’s best month. However, there are some signs that it may be a volatile month.

Bitcoin could fall by 10%, bringing it back to $114,000 even its range lows.

This article contains no investment recommendations or advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.