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 conditions are at their highest.

• Recently, BTC has struggled for a breakout.

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

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

According to the latest Mayer Multiple readings, even though BTC/USD is trading at over $120,000 it’s still not too hot.

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 Multiples are among those indicators that point to a bullish continuation of price.

“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 This week’s readings

The Mayer Multiple (MM) measures the price as a percentage of its moving average for 200 weeks. The readings over 2.4 indicate that the price is 2.4 times greater than its 200-week moving average (MA). “overbought” conditions.

The Multiple is currently at 1,16. This puts it closer to the original 1.16. “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.

This bull cycle has been slowed down compared to previous ones, with the Multiple reaching its maximum of 1.84 by March 2024. 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 around 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.

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

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.