{"id":14757,"date":"2024-06-27T13:13:33","date_gmt":"2024-06-27T10:13:33","guid":{"rendered":"https:\/\/forklog.com\/en\/mayer-multiple-indicator-suggests-possible-bitcoin-price-floor\/"},"modified":"2024-06-27T13:13:33","modified_gmt":"2024-06-27T10:13:33","slug":"mayer-multiple-indicator-suggests-possible-bitcoin-price-floor","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/mayer-multiple-indicator-suggests-possible-bitcoin-price-floor\/","title":{"rendered":"Mayer Multiple Indicator Suggests Possible Bitcoin Price Floor"},"content":{"rendered":"<p>The leading cryptocurrency has facilitated a &#8220;healthy reset&#8221; of bullish sentiment as the Mayer Multiple indicator reached an eight-month low, according to analyst On-Chain Collage.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The Bitcoin Mayer Multiple is now at a level not seen since October 2023, despite price at $60.9K now vs. $29.9K back in October.<\/p>\n<p>A healthy reset of sentiment to shift back bearish while being at twice the price. <\/p>\n<p>Rinse. Repeat.<\/p>\n<p>This is how Bitcoin works.<\/p>\n<p>Few. <a href=\"https:\/\/t.co\/ePh0MnmR5H\">pic.twitter.com\/ePh0MnmR5H<\/a><\/p>\n<p>\u2014 On-Chain College (@OnChainCollege) <a href=\"https:\/\/twitter.com\/OnChainCollege\/status\/1806104183936098802?ref_src=twsrc%5Etfw\">June 26, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;[The metric] is at a level not seen since October 2023, despite the [Bitcoin] price now being $60,900 compared to $29,900 at that time,&#8221; the expert noted.\u00a0<\/p>\n<\/blockquote>\n<p>The analyst believes the Mayer Multiple may indicate an imminent recovery for digital gold.<\/p>\n<p>The indicator measures Bitcoin&#8217;s current price relative to its 200-day moving average, with the resulting ratio used as a buy or sell signal. The metric&#8217;s creator, Trace Mayer, considered values below 2.4 as an accumulation zone for the asset.<\/p>\n<p>According to <a href=\"https:\/\/studio.glassnode.com\/workbench\/btc-mayer-multiple?zoom=all\">Glassnode<\/a>, the Mayer Multiple currently stands at 1.05.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXepMsBGP9NuEmVQqYRj4r8qcrNd6xpFwb6pGRVdISW_wBOWf1-WnzP8i0NN3zufZp6f3lEvrY2VSonl65Fdiv8rcLWm6WHKcnsh7D5BzkUCG4tWR5PLme8H1mqoRhGC0nl-2SLAHcLDBx-Ya-Y_zffYD2b1?key=UuH9fIy76da7NIc4OELIyQ\" alt=\"Mayer Multiple suggests possible Bitcoin price floor\"\/><figcaption class=\"wp-element-caption\">Bitcoin&#8217;s Mayer Multiple. Data: Glassnode.\u00a0<\/figcaption><\/figure>\n<p>Based on current indicators, upon reaching 2.4, the leading cryptocurrency is expected to trade at around $140,000. The last time this indicator value was observed was in March 2021, when the price was approximately $48,000.\u00a0<\/p>\n<p>However, Mayer Multiple lows do not always coincide with Bitcoin&#8217;s price floors. In mid-2022, the indicator dropped to 0.47, but the asset&#8217;s price reached a local minimum only four months later.\u00a0<\/p>\n<h2 class=\"wp-block-heading\">What Do Other Indicators Suggest?<\/h2>\n<p>Simultaneously, the Relative Strength Index (RSI) has entered the oversold zone across several timeframes. The last time the daily figure was at its current level was in August 2023.\u00a0<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXfOV3NjqDruNuktfaIAsXXhWTxu7wsW9ScKyxvy0sGS3pxguSQtOn2ciUd9vw8qV4gbw9mI0adObrcwuGZulpwFaxEUB4YdSZCvnCR0zQtcwxRlV2YEZo7i-Z03_AJ5_A_lTmfuaP3Zgd5ZQL8BP_2GtsFC?key=UuH9fIy76da7NIc4OELIyQ\" alt=\"Mayer Multiple suggests possible Bitcoin price floor\"\/><figcaption class=\"wp-element-caption\">BTC\/USDT daily chart with RSI on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>.\u00a0<\/figcaption><\/figure>\n<p>Trader Jelle noted that the last time RSI was at such levels, Bitcoin consolidated below the key resistance level of $30,000 for over three months.\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a>&#8216;s daily RSI is the most oversold it has been in over 300 days ?<\/p>\n<p>The last time the RSI was this low, Bitcoin had just consolidated for 3+ months, just below the key resistance @ 30k.<\/p>\n<p>We&#8217;re looking at 3+ months of consolidation below 70k now.<\/p>\n<p>History repeating? <a href=\"https:\/\/t.co\/JYhjFBeqyh\">pic.twitter.com\/JYhjFBeqyh<\/a><\/p>\n<p>\u2014 Jelle (@CryptoJelleNL) <a href=\"https:\/\/twitter.com\/CryptoJelleNL\/status\/1806221909052256551?ref_src=twsrc%5Etfw\">June 27, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Now, three months of consolidation below $70,000 are expected. History repeating?&#8221; he noted.\u00a0<\/p>\n<\/blockquote>\n<p>Technical analyst Ali emphasized that the RSI signals an ideal time to buy the dip and advised closely monitoring the daily timeframe.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Imagine having one indicator that signals the perfect time to buy the <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> dip\u2026 Keep it simple, folks, and study the daily <a href=\"https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$BTC<\/a> RSI! <a href=\"https:\/\/t.co\/y1JEErdLgs\">pic.twitter.com\/y1JEErdLgs<\/a><\/p>\n<p>\u2014 Ali (@ali_charts) <a href=\"https:\/\/twitter.com\/ali_charts\/status\/1805693355776786920?ref_src=twsrc%5Etfw\">June 25, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Philip Swift, founder of LookIntoBitcoin, highlighted the &#8220;Golden Ratio Multiplier&#8221; indicator. According to him, this metric is &#8220;the most accurate for identifying every major price high in Bitcoin&#8217;s history.&#8221;\u00a0<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Arguably, Golden Ratio Multiplier has been the most accurate metric for picking every major price high (not just final cycle high) in Bitcoin&#8217;s history.<\/p>\n<p>Nailed the recent <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> ETF euphoria high too. <a href=\"https:\/\/t.co\/XEbknSYaZV\">pic.twitter.com\/XEbknSYaZV<\/a><\/p>\n<p>\u2014 Philip Swift (@PositiveCrypto) <a href=\"https:\/\/twitter.com\/PositiveCrypto\/status\/1806249638917283948?ref_src=twsrc%5Etfw\">June 27, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The indicator is currently at a peak observed during the &#8220;ETF euphoria&#8221; from February to March.\u00a0<\/p>\n<p>Previously, CryptoQuant analysts pointed to signs of a potential local bottom for Bitcoin. They noted that after a 15% correction and subsequent rebound from $60,000, signs emerged of the leading cryptocurrency reaching its lows.\u00a0<\/p>\n<p>Several experts have observed bullish sentiment in the crypto derivatives market. On June 28, when weekly, monthly, and quarterly Bitcoin options positions expire, the put\/call ratio stands at 0.51, indicating trader optimism.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The leading cryptocurrency has facilitated a &#8220;healthy reset&#8221; of bullish sentiment as the Mayer Multiple indicator reached an eight-month low, according to analyst On-Chain Collage. The Bitcoin Mayer Multiple is now at a level not seen since October 2023, despite price at $60.9K now vs. $29.9K back in October. A healthy reset of sentiment to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14756,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1145,1150],"class_list":["post-14757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-market-analysis","tag-news-plus"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14757","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14757"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14757\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14756"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14757"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14757"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14757"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}