Key Points:
Bitcoin’s Mayer Multiple at 1.1x signals it’s still below the overbought zone of 1.5x.
BTC price holds above $108K with 90% yearly gain, yet analysts see more upside potential.
CredibleCrypto says downside is “limited” as BTC shows signs of beginning next upward impulse.
Bitcoin Undervalued? $108K Surge May Just Be Starting
The Bitcoin Mayer Multiple, a long-standing price evaluation model, currently stands at 1.1x, according to Axel Adler Jr., a contributor to CryptoQuant. The metric compares Bitcoin’s current price to its 200-day simple moving average. A value between 0.8x and 1.5x is considered neutral. With Bitcoin trading near $108,954, the Multiple remains below the 1.5x level often linked with overheated markets.
Bitcoin Mayer Multiple | Source: Axel Adler Jr./X
Adler shared the update in a post on X, noting,
“Today's Mayer Multiple indicates that Bitcoin is trading at a discount to its historical bull rallies.”
He added that the level could provide “a good fuel reserve for a new upward impulse.” The current reading suggests that Bitcoin is not yet at a peak relative to past cycles.
BTC Holds Above $108K With Minor Gains
Bitcoin continues to trade steadily above the $108,000 level. At press time, BTC was priced at $108,954, with a 0.17% increase in the past 24 hours and 2.35% over the last 7 days, based on data from CoinGecko. Trading volume over the same 24-hour period stands at $22.97 billion.
In addition, the strength around this level follows a 90% gain over the past year. Despite staying near all-time highs, the Mayer Multiple shows the asset is still within a historical norm. This gap between price performance and long-term valuation models is drawing attention from analysts tracking momentum and cycle behavior.
Analyst Cautions Against Shorting While Momentum Builds
Crypto analyst CredibleCrypto commented on current price action and shared scenarios for short-term moves. In a recent post, he said,
“There is a non-zero chance that the next impulse up has already begun.”
He noted that an earlier projection included a possible drop to $102K, followed by sideways action before the next leg higher.
Source: CredibleCrypto/X
While he still sees that as a likely path, he acknowledged stronger-than-expected behavior from BTC. “Downside is relatively limited on Bitcoin from current levels,” he wrote, pointing out that traders should focus on potential long setups. He added, “we will know more as PA develops,” referring to upcoming price action.
Meanwhile, though on-chain data like the Mayer Multiple does not offer direct buy or sell signals, it remains one of several tools used to assess whether Bitcoin is near historical tops or bottoms. The neutral zone reading at 1.1x suggests that current pricing is neither overheated nor deeply undervalued.
