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

Important points

• Bitcoin’s Mayer Multiple shows that BTC could be close to “oversold” You can also read more about “overbought,” Even when the highs are at their 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” A classic BTC pricing metric shows that the price can still rise to as high as $180,000.

According to Mayer Multiple’s latest data, even with BTC/USD at $120,000 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 change.

Mayer Multiple is one of the strongest indicators of continued price growth.

“Bitcoin is at all-time highs and the Mayer Multiple is ice cold,” Frank A. Fetter is a cryptoquant analyst whose account X was named for a well-known economist. 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” A level of 0.8 lower than what is usually associated with a downward trend.

“I like the setup,” Fetter is added next to a graph from the onchain data source Checkonchain. This chart showed that BTC/USD needed to be $180,000 to reach the mark of 2.4.

Multiples have cooled down this bull-cycle compared to previous cycles, with a high of 1.84 reached in March 2024. BTC/USD was trading at $72,000 according to data onchain analytics 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 Breakout on Hold

Bitcoin’s volatility will continue to be a hot topic.

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

The current thesis suggests that the entire bull run will end if there is no breakout before the end of this year. may be in danger.

While short-term views see BTC prices fluctuating, the month of October traditionally has been one of Bitcoin’s highest performing months.

Bitcoin may still fall 10% to $114,000, or even its range lows.

The article is not intended to provide investment advice. Each investment or trading decision involves some risk. Readers should do their own research before making any decisions.