Bitcoin’s Mayer Multiple, a key valuation metric comparing price to its 200-day moving average, currently sits at 1.1x. This level remains significantly below the 1.5x threshold often considered indicative of an overbought market, suggesting Bitcoin is undervalued and possesses potential for upward price movement.
Supporting this technical indicator, Bitcoin’s price demonstrates notable stability, consistently trading above the $108,000 mark. Recent performance shows minor gains of 0.17% over the past 24 hours and 2.35% over the past seven days, accompanied by a substantial 24-hour trading volume of $22.97 billion.
Market analyst CredibleCrypto has highlighted the current conditions, pointing to limited downside risk and the emergence of bullish momentum. The analyst noted that the anticipated upward impulse for Bitcoin appears to be already underway.
This stability and positive technical outlook occur despite Bitcoin trading near its all-time highs. The cryptocurrency has delivered impressive returns over the past year, gaining approximately 90%, which reflects strong underlying investor confidence.
Collectively, the Mayer Multiple reading and the sustained price action above $108,000 paint a picture of a balanced market with potential for further growth, according to the analysis of current indicators.