[Bitcoin 'Mayer Multiple' Indicator Drops to 2022 Levels, Market May Be Approaching Deep Bear Market Correction Zone] According to Cointelegraph, on-chain data shows that as of February 9, the Bitcoin 'Mayer Multiple' indicator has dropped to 0.65, below the 'oversold' level of 0.8, marking the first occurrence since May 2022. This indicator provides buy and sell signals by comparing Bitcoin's current price to its 200-day moving average. Its creator, Trace Mayer, has previously considered levels below 2.4 as a 'buy' zone. However, extremely low levels do not always indicate a price bottom. In mid-2022, the indicator dropped to 0.47, but BTC subsequently fell by approximately 58% over the next four months. This suggests that the current BTC/USD may still retest the 200-week moving average. Additionally, the Relative Strength Index (RSI) indicates that Bitcoin could potentially decline further, with extreme scenarios possibly pushing it down to the $40,000 range.