BEARISH 📉 : Bitcoin Mayer Multiple Indicates 40% Drop Below Long-Term Average

Recent on-chain data suggests Bitcoin is at a crucial phase, with the price showing a significant deviation from its long-term trend.

Mayer Multiple Falls to 0.6

The Bitcoin price shows a 40% negative deviation from its 200-day moving average.
The Mayer Multiple is currently at 0.6, indicating Bitcoin trades significantly below its long-term trend.
Historically, similar levels have preceded substantial price recoveries:
- December 2018: Mayer Multiple at 0.5-0.6, followed by a 540% price increase.
- COVID crash: Mayer Multiple at 0.5, leading to a 1,100% recovery.
- November 2022: Multiple fell to this region, followed by a 170% price surge.
The metric does not pinpoint exact market bottoms but indicates potential long-term trends.

As of now, Bitcoin is valued around $70,383, marking over a 2% increase in the last 24 hours.