Current Bitcoin Cycle’s Mayer Multiple Low Is Deeper Than Last Cycle’s
As per data released from the analytics firm , the current value of the BTC Mayer Multiple is around 0.478.Before seeing what the Bitcoin Mayer Multiple does, it’s best to look at a basic explanation of a “moving average” first.
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Now, what the Mayer Multiple does is measure how much the price of the crypto has deviated from this 200-day MA.
The value of the metric seems to have been below 0.5 in recent weeks | Source:In the graph, the blue line is for the Bitcoin 200-day MA and the green curve represents the points where the Mayer Multiple would have a value of 0.5. As is apparent from the chart, the price of the crypto has sunk below this 0.5 Mayer Multiple line only a few times in the past.
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In fact, out of the total 4163 trading days for the cryptocurrency so far, only 87 have been spent below the green line, which comes out to be about only 2%. A pattern that the Mayer Multiple followed before this cycle was that all successive cycles observed higher bottoms than the low of the previous one. In the cycle so far, the metric has already dipped to 0.478, which is less than last cycle’s bottom of about 0.511. This is a first occurrence in the history of Bitcoin.BTC Price
At the time of writing, Bitcoin’s price floats around $21.2k, up 3% in the past week.
Looks like the value of the crypto has moved sideways recently | Source:
Featured image from Maxim Hopman on Unsplash.com, charts from TradingView.com, Glassnode.com