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The Mayer Multiple indicator has signaled a possible bottom for the price of Bitcoin
The first cryptocurrency has provided a 'healthy reset' of bullish sentiments as the Mayer Multiple indicator reached an eight-month low. This was stated by On-Chain Collage analyst.
"[Metrics] is at a level not seen since October 2023, despite the fact that the price of [Bitcoin] is now $60,900 compared to $29,900 at that time," the expert noted.
According to an analyst, the Mayer Multiple may imply a possible recovery of digital gold.
The indicator measures the current price of Bitcoin relative to its 200-day moving average, and the resulting ratio is used as a signal to buy or sell. The creator of the metric, Trace Mayer, believed that values below 2.4 are an accumulation territory for the asset.
According to Glassnode, at the time of writing the Mayer Multiple is at 1.05.
#BTC# #ETH# #DOGE# #AVAX#