Bitcoin Mayer Multiple fell to 0.65, matching deep bear market lows in May 2022. A repeat of 2022 would see BTC drop further to as low as $40,000. Bitcoin’s 45% crash from its $126,000 peak has placed onchain indicators in focus as market participants search for where BTC price is likely to bottom. The Mayer Multiple is among the indicators suggesting that a bottom could be reached soon.
In a post on X on Tuesday, analyst On-Chain College said that the Bitcoin Mayer Multiple score had dropped to levels “usually reserved for deep bear market corrections.” Data from onchain analytics firm Glassnode shows that as of Monday, the Mayer Multiple measured 0.65, below its “oversold” 0.8 level (green band), a reading last seen in May 2022. “Bitcoin is now officially under the green band of the Mayer Multiple Z-Score, which is usually reserved for deep bear market corrections,” On-Chain College wrote, adding: “It can still take months before finding a bottom, but BTC is in a period in history typically reserved for the darkest days of bear markets.”
Levels like this have historically marked some of Bitcoin’s best long-term buying opportunities. The Mayer Multiple at 0.6 means that Bitcoin is trading 40% below its 200-day MA, CryptosRus said in a Sunday X post, adding: This doesn’t happen during normal pullbacks. It only shows up during full-blown capitulation. “Historically, being below this level is exactly where I want to be stacking,” said On-Chain Mind, while Capriole Investments founder Charles Edwards said: “This is historically one of the best buy signals in Bitcoin history.”
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