Bitcoin remained closer to “oversold” during its latest all-time highs, according to the Mayer Multiple, which suggested a potential price target of $180,000.
Markets News
Key points:
-
Bitcoin’s Mayer Multiple suggests that BTC is closer to “oversold” than “overbought” — even at all-time highs.
-
The gauge has barely moved in recent months as BTC price struggles to seal a decisive breakout.
-
Expectations no longer favor a blow-off top this month.
Bitcoin () is “ice cold” at all-time highs, says a classic BTC price metric that shows room to run to $180,000.
The latest readings from the Mayer Multiple reveal that even at $120,000, BTC/USD is far from overheated.
BTC price gauge still close to “oversold”
Bitcoin’s lack of a blow-off top this bull market has placed onchain indicators in focus as market participants search for signs of change.
The Mayer Multiple, however, is among the indicators still firmly pointing to bullish price continuation.
“Bitcoin is at all-time highs and the Mayer Multiple is ice cold,” popular crypto quant analyst Frank A. Fetter, whose X account is named after the famous economist, on its readings this week.
The Mayer Multiple measures the ratio of price to its 200-week moving average (MA). Readings above 2.4, reflecting a price 2.4 times higher than the MA trend line, suggest “overbought” conditions.
Currently, the Multiple sits at 1.16, closer to its “oversold” 0.8 level than that which typically signifies a bearish trend change.
“I like the setup,” Fetter added alongside a chart from onchain data resource Checkonchain. The chart indicated that for BTC/USD to reach the 2.4 mark, it would need to rise to $180,000.
The Multiple has broadly cooled this bull cycle compared to others before it, reaching a maximum level of 1.84 in March 2024. At the time, BTC/USD traded at around $72,000, per data from onchain analytics platform .
In July this year, another popular crypto analyst, Axel Adler Jr., Multiple readings near 1.1 as a “good fuel reserve for a new upward impulse.”
BTC price breakout on hold
The timing of Bitcoin’s next volatile move remains a topic of debate.
Related:
Current theses suggest that unless a breakout occurs by the end of the year, the entire bull market .
Meanwhile, short-term perspectives see choppy BTC price action characterizing October, traditionally Bitcoin’s most successful month.
A 10% dip could still come, taking Bitcoin back to $114,000 or .
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
