Key Points:
Despite Bitcoin's price nearing historical highs, the classic Mayer Multiple indicator is still far from overheating.
A well-known contributor from CryptoQuant analyzed that the BTC price trend may enjoy "new upward momentum" as a result.
October 2025 is gradually being viewed as the next bull market peak.
According to a new analysis of classic BTC price indicators, BTC is still considered "undervalued" despite being close to historical highs.
In a post on X on July 8, Axel Adler Jr., a contributor from the on-chain analysis platform CryptoQuant, revealed positive signals from the Bitcoin Mayer Multiple.
Bitcoin may be hovering around $108,000 after a 90% increase over the past year, but the Mayer Multiple is far from ready to declare a peak in BTC price.
This indicator compares BTC/USD with its 200-day simple moving average, and the resulting value can be used as a measure of strength compared to similar periods in previous market cycles.
"Currently, the indicator is at 1.1x (price to 200-day moving average), in the neutral range (0.8–1.5x), significantly below the overbought threshold (1.5x)," Adler wrote. "Today's Mayer Multiple indicates that Bitcoin's trading price is discounted relative to its historical bull markets, more undervalued than overvalued—providing a good fuel reserve for new upward momentum."
While the indicator does not provide strict buy or sell signals, it is one of many on-chain indicators that have yet to signal a bull market peak.
As reported by Cointelegraph, a list of thirty "bull market peak" indicators from the monitoring resource CoinGlass remains 100% in a "hold" state.
However, the timing estimates for the current upward trend to encounter a "blow-off top" vary.
An increasingly popular target is October 2025, a date also marked by well-known trader and analyst Rekt Capital due to historical comparisons.
"If Bitcoin is to peak in the bull market around September/October 2025, according to historical halving cycles… then there are only 2-3 months left," he reiterated over the weekend.
This week, another trader, Jelle, agreed with this cycle peak timeframe and revealed that profit-taking has already begun.
Happy profit-taking day by the way - I just sold another 2% of the holdings. 💰Still thinking we see a cycle top in October - and I'll be out right around that time. Sticking to the plan, week in, week out. #Bitcoin pic.twitter.com/ohQ1PlkwcJ
"Some believe that due to the slow price movement, the cycle may extend into 2026 (a bear market year)," well-known analyst CryptoCon continued discussing the topic in his own X post. "Most data seems to lean towards the idea that the cycle will complete by the end of this year. Let's see what October brings! More waiting is coming…"
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Original: “Analysis Indicates Bitcoin Mayer Multiple Shows $108,000 BTC Price is Undervalued”
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