Despite Bitcoin's recent 17% dip and a bearish mood in the market, the Bitcoin Mayer Multiple, a key BTC price indicator, has hit an eight-month low, suggesting a potential recovery. The Mayer Multiple measures Bitcoin's current price against its 200-day moving average, with a reading below 2.4 indicating a "buy" signal. Currently, the Mayer Multiple is at 1.05, a level not seen since October 2023. However, it's important to note that extreme lows in the Mayer Multiple do not always correspond to BTC price floors. Bitcoin's Relative Strength Index (RSI) has also dipped into "oversold" territory, further indicating a possible turnaround.