• Fri. Jul 12th, 2024

Bitcoin Mayer Multiple Increase Last Accompanied Price of BTC at $30,000

Maria Bartiromo

ByMaria Bartiromo

Jun 29, 2024

The Bitcoin Mayer Multiple has recently increased to levels consistent with the historical range of Bitcoin’s (BTC) price, which is approximately $30,000. This statistical measure, which analysts frequently use to assess the relative worth of Bitcoin, is giving important signals to the market that point to possible acquisition possibilities.

A Mayer Multiple of less than 2.4 has traditionally been regarded as a purchasing opportunity, with lower values denoting more favorable circumstances. The multiple has frequently predicted a market bottom or an approaching upward price correction when it falls below 0.8 or lower.

Both traders and experts have noticed this decline in the multiple, which has sparked conversations about whether the market is close to bottoming out and offering an excellent chance for accumulation.

Long-term Investors to Leverage Mayer Multiple Development to Stockpile Bitcoin 

Prominent on-chain expert Willy Woo pointed out that historically, these low multiples have presented profitable buying opportunities. According to Woo, the market is probably going through an accumulation phase, during which courageous investors are increasing their holdings in expectation of future price growth.

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Some industry analysts advise using caution and stress. The current state of the market offers investors both chances and challenges. According to the most recent data, the Mayer Multiple has decreased to approximately 0.7. This is an indication because the last time such lows were seen was when Bitcoin was trading close to $30,000.

Long-term investors may see the low Mayer Multiple as an indication to stockpile Bitcoin in anticipation of a future price increase and possible profits. The current state of the market may also appeal to short-term traders because volatility frequently offers chances for strategic trading to result in profits.

Data From  Fear and Greed Index Predicts Rough Future For Bitcoin 

The ongoing debates about Bitcoin’s possible use as an inflation hedge and the growing interest from institutions could have an additional effect on the market dynamics of the cryptocurrency. Bitcoin has maintained its $60,000 price mark position, but still showing some bearish tendencies considering its latest 17% dip.

Data from the Cryptocurrency Fear and Greed Index shows that Bitcoin will be facing a challenging year in 2024. There have been a few signs to validate this perception, as many Bitcoin holders are currently expecting a turnaround in the price. The Greed Index indicator has measured the latest price of Bitcoin using a 200-day Moving Average (200DMA).

Trace Mayer, a popular industry investor and the founder of Mayer Multiple has given its analysis at a 2.4 “buy” mark. Mayer Multiple has reached the 2.4 level, which it last achieved in March 2021, suggesting that the price of Bitcoin needs to reach almost $140,000 to the United States dollar.

Historical Data Says Market Indicators Dropped 0.47 in 2022

According to On-Chain College commentary, the Bitcoin Mayer Multiple is currently at a stage that was last attained on October 2023 when the Bitcoin dipped as low as  $29,900. The major drop in Mayer Multiple does not always match the exact price of BTC. The historical record shows that the market indicators dropped to about 0.47 in the middle of 2022, and took more than four years before it could drop to the bottom of the bear market.

A report from Cointelegraph has it that the price of Bitcoin has continued to be the most talked about topic in June and that the analysis by Mayer Multiple is not the only valid “buy” signal around. On the other hand, the Relative Strength Index (RSI) of Bitcoin has drastically dropped below the “oversold” area across multiple stages.

In a daily market chart published on the Cointelegraph platform, the RSI was formally at this exact level sometime in August 2023. Meanwhile, Jelle, a popular cryptocurrency trader and influencer has taken to his X handle to reveal that the last time the Bitcoin RSI dropped this low, it consolidated for over three months below the $30,000 price mark.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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