Is Bitcoin Just a Cold Fish? Mayer Multiple Hints It Could Soar to $180K!

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Key points:

  • Ah, behold the mystifying Mayer Multiple-our ever-absent friend seems to whisper that Bitcoin (BTC) flirted with “oversold” rather than indulging in “overbought” sentiments, even while perched at the dizzying heights of all-time records. Could it be some kind of cosmic prank? 🤔

  • Lo and behold, the metric has remained lamentably stationary recently, much like a Zhiguli stuck in the mud, as BTC’s price flounders in the murky waters of indecision that refuses a dramatic breakout. 🥴

  • Prognosticators are less giddy about witnessing a blow-off top this month, which is about as exciting as watching paint dry in winter.

In a twist of irony, our beloved Bitcoin is “ice cold” at seemingly glowing all-time highs, proclaims a venerable BTC pricing metric, hinting at the potential to frolic fancy towards the illustrious $180,000. Can you believe it? 😂

If we heed the cryptic words of the Mayer Multiple, it announces with great authority that even at $120,000, BTC/USD remains as far from being overheated as a polar bear in the Tropics. 🐻

BTC price gauge still close to “oversold”

And what about this nagging absence of a blow-off top? It’s set the onchain indicators abuzz, as anxious traders flail about, longing for a glimmer of hope and salvation.

The Mayer Multiple, that steadfast old sage, continues to point toward joyful bullish price progression, much like a gazing Komarov’s cow indifferently watching the sun set. 🐄

“Bitcoin is soaring to reckless heights, yet the Mayer Multiple remains serendipitously ice cold!” observed the illustrious crypto quant analyst Frank A. Fetter – a man whose X account strikes a striking resemblance to a name borrowed from a rather famous economist. A curious choice indeed! 📉

This confounded Mayer Multiple is none other than the dignified indicator gauging the ratio of Bitcoin’s price to its 200-week moving average (MA). Those precarious readings above 2.4 suggest one might be venturing into “overbought” territory-where the sun shines brightly on the foolish. Currently, the number languishes at a mere 1.16, hopelessly closer to its 0.8 “oversold” nadir than to any sign of bearish upheaval. Who knew this metric held such dramatic flair? 🤷‍♂️

“I fancy the setup,” Fetter declared, while pointing towards a handsome chart from Checkonchain that musingly indicated that for BTC/USD to ascend to the vaunted 2.4, it would need to undertake a miraculous journey up to $180,000. Bravo, dear Bitcoin! 🎉

But alas, the Multiple has felt comparatively placid this bull cycle, reaching a meager pinnacle of 1.84 back in the delightfully chaotic March of 2024, when BTC/USD whimsically floated around the $72,000 mark (according to the commendable sages at Glassnode). 🏦

In the sultry July days of this year, the illustrious Axel Adler Jr. bewilderingly mentioned that Multiple readings near 1.1 offer a “good fuel reserve for a new upward impulse.” Quite the poetic metaphor!

BTC price breakout on hold

Now, the timing of Bitcoin’s next thrilling escapade remains a hot topic of spirited debate, a veritable soap opera unfolding live before our very eyes. 🎭

The current theories, unfurling like a well-worn tapestry, suggest that unless a breakout erupts prophetically by the year’s end, our beloved bull market may find itself in a perilous state akin to a cat on a hot tin roof.

In the meantime, short-term perspectives reveal a cacophony of choppy BTC price fluctuations setting the stage for October-the beloved month of Bitcoin’s fame and humorous déjà vu. 😅

Ah, but brace yourselves! A disheartening 10% dip could still be lurking around the corner, dragging Bitcoin back to the chilled low of $114,000, or even lower. Such is the nature of high-stakes crypto!

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2025-10-10 11:46