Mayer Multiple Analysis: Bitcoin has room to reach $180,000

Important points

• Bitcoin’s Mayer Multiple shows that BTC could be close to “oversold” You can also read more about “overbought,” Even at the highest levels.

• 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 the latest Mayer Multiple readings, even though BTC/USD reached $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 any signs of change.

Mayer Multiple can be a strong indicator of 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 is a ratio that measures price in relation to the 200-week moving mean (MA). The readings over 2.4 indicate that the price is 2.4 times greater than its 200-week moving average (MA). “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 is added next to a graph from the onchain data source Checkonchain. 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 was trading at $72,000 according to data onchain analytics platform Glassnode.

Axel Adler Jr. is another expert in cryptography. likewise described Multiple readings close to 1.1 “good fuel reserve for a new upward impulse.”

BTC price 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

According to current theses, unless there is a breakout by the end the year, then the bull market will be over. 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 may still fall 10% to $114,000, or even its range lows.

This article contains no investment recommendations or advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.