A popular Bitcoin valuation indicator, currently flashing red, suggests that Bitcoin has not fallen to such low levels since the FTX exchange crash in late 2022.
Mayer Multiple Index and Buying Potential
“If you think the price of Bitcoin could rise in the next 6-12 months, this could objectively be an excellent time,” crypto education platform On-Chain College wrote in a post on X on August 7.
The Mayer Multiple Index provides a buy or sell signal by comparing the current price of Bitcoin to its 200-day moving average. Author Trace Mayer noted that a reading below 2.4 is in “buy” territory.
According to Glassnode data, when Bitcoin fell to $49,751 on August 5, the Mayer Multiple was at 0.88. According to data from Bitcoin analytics firm BitBo, the indicator has risen slightly since the recent Bitcoin rally, rising to 0.93. Given that the Mayer Multiple has historically been 70% higher, analysts believe this value indicates that Bitcoin is still underpriced.
However, other crypto experts advise Bitcoin buyers to remain cautious despite this statistic, stating that further price declines are possible in the near-term.
“We expect Bitcoin prices to fall to $40,000 to provide the ideal timing to enter the next bull market,” Markus Thielen, head of research at 10x Research, wrote on August 6.
Popular cryptocurrency trading account “wallstreetbets” highlighted the recent drop in Bitcoin price, repeating the phrase “Everyone gets Bitcoin at the price they deserve” in a post on August 6.
Anonymous crypto investor Mags commented, “If the $60,000 support level is lost on a closing basis, a retest of the long-term trendline support is likely.”
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