Key points:<\/strong><\/p>\n Bitcoin\u2019s Mayer Multiple suggests that BTC is closer to \u201coversold\u201d than \u201coverbought\u201d \u2014\u00a0even at all-time highs.<\/p>\n<\/li>\n The gauge has barely moved in recent months as BTC price struggles to seal a decisive breakout.<\/p>\n<\/li>\n Expectations no longer favor a blow-off top this month.<\/p>\n<\/li>\n<\/ul>\n Bitcoin (BTC<\/a>) is \u201cice cold\u201d at all-time highs, says a classic BTC price metric that shows room to run to $180,000.<\/p>\n The latest readings from the Mayer Multiple reveal that even at $120,000, BTC\/USD is far from overheated.<\/p>\n Bitcoin\u2019s lack of a blow-off top this bull market has placed onchain indicators in focus as market participants search for signs of change.<\/p>\n The Mayer Multiple, however, is among the indicators still firmly pointing to bullish price continuation.<\/p>\n \u201cBitcoin is at all-time highs and the Mayer Multiple is ice cold,\u201d popular crypto quant analyst Frank A. Fetter, whose X account is named after the famous economist, commented<\/a> on its readings this week.<\/p>\n 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 \u201coverbought\u201d conditions.<\/p>\n Currently, the Multiple sits at 1.16, closer to its \u201coversold\u201d 0.8 level than that which typically signifies a bearish trend change.<\/p>\n \u201cI like the setup,\u201d 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.<\/p>\n 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 Glassnode<\/a>.<\/p>\n In July this year, another popular crypto analyst, Axel Adler Jr., likewise described<\/a> Multiple readings near 1.1 as a \u201cgood fuel reserve for a new upward impulse.\u201d<\/p>\n The timing of Bitcoin\u2019s next volatile move remains a topic of debate.<\/p>\n Related: <\/strong><\/em>BTC October price breakout odds low: 5 things to know in Bitcoin this week<\/strong><\/em><\/a><\/p>\n Current theses suggest that unless a breakout occurs by the end of the year, the entire bull market may be in danger<\/a>.<\/p>\n Meanwhile, short-term perspectives see choppy BTC price action characterizing October, traditionally Bitcoin\u2019s most successful month.<\/p>\n\n
BTC price gauge still close to \u201coversold\u201d<\/h2>\n
BTC price breakout on hold<\/h2>\n