Bitcoin's "Ice Cold" Rally: Mayer Multiple Signals Room to Run to $180,000

Despite Bitcoin (BTC) hitting a new all-time high of $121,242, a classic price metric suggests the rally is far from overheated and has significant room for growth.

The Mayer Multiple, which measures the ratio of the BTC price to its 200-week moving average (MA), is currently at a low reading of 1.16. This level is notably closer to the "oversold" mark of 0.8 than the "overbought" level of 2.4, which typically signals a bearish trend change or "blow-off top."

Key Takeaways from the Analysis:

• "Ice Cold" at ATHs: Crypto analyst Frank A. Fetter noted that the Multiple's low reading indicates the market is "ice cold" even at current all-time highs.
• Target $180,000: For the Mayer Multiple to reach the 2.4 "overbought" level, the BTC price would need to climb to approximately $180,000.
• Bullish Continuation: Analysts see the current Multiple reading as "good fuel reserve for a new upward impulse," suggesting strong potential for bullish continuation without a sustained correction.
• Cooled Cycle: The Multiple has been broadly less volatile this cycle, only reaching a peak of 1.84 in March 2024 when BTC was around $72,000.

Short-Term Outlook

While the long-term indicator points firmly to more upside, the immediate future is less certain. Current short-term debate centers on the timing of the next volatile move, with some theories suggesting that a major breakout needs to occur by the end of the year to sustain the bull market. For October, choppy price action is expected, with the possibility of a 10% dip that could momentarily take BTC back to the $114,000 range.

October 2025, Cryptoniteuae