Bitcoin’s Mayer Multiple metric, a classic measure in the cryptocurrency world, indicates that despite the digital asset hovering near its all-time highs, it is, in fact, undervalued. This assessment comes from an analysis by Axel Adler Jr., a noted contributor to onchain analytics platform CryptoQuant.
According to Adler’s July 8 post, Bitcoin’s Mayer Multiple, a tool used to measure the relative value of Bitcoin compared to its 200-day simple moving average, signals a promising future for the cryptocurrency.
Despite Bitcoin’s impressive 90% gains over the past year, taking its price close to $108,000, the Mayer Multiple is not indicating a BTC price top. The metric currently stands at 1.1x, within the neutral zone of 0.8 – 1.5x, and considerably below overbought thresholds of 1.5x.
Adler suggests that the current Mayer Multiple indicates Bitcoin is trading at a discount relative to its historical bull rallies and is more undervalued than overvalued. This could act as a reserve for a new upward price movement.
Though the Mayer Multiple doesn’t provide strict buying or selling signals, it is one of the many onchain metrics that have not yet indicated a bull market peak. In fact, CoinGlass, a monitoring resource, reports that thirty “bull market peak” indicators are 100% in “hold” territory.
Forecasts for when the current uptrend might reach its “blow-off top” are diverse. However, October 2025 is emerging as a popular target, flagged by renowned trader and analyst Rekt Capital, based on historical comparisons.
Other traders and analysts, like Jelle, also concur with the October 2025 timeframe. Jelle revealed that profit-taking had already started. However, some market participants believe that the cycle could extend into 2026 due to slower price action.
A reminder that this analysis does not represent investment advice and any investment or trading move involves risk. Readers are encouraged to conduct their own research before making a decision.
