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” You can also read more about “overbought,” Even when the prices 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“” is “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 reading, 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 changes.

Mayer Multiple is one of the strongest indicators pointing towards a price increase.

“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 This week’s readings

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.

The Multiple is currently at 1,16. This puts it closer to the original 1. “oversold” A level of 0.8 lower than what is usually associated with a downward trend.

“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 a lot cooler than others, with the Multiple reaching its highest level in March 2024. BTC/USD at the time was around $72,000. Data from onchain analysis 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, if a breakout does not occur 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. Risk is inherent in every investment decision and trade. The reader should always do research prior to making a final decision.