BITCOIN MAYER MULTIPLE
Is Bitcoin cheap or stretched?
Put today's price beside its own 200-day average.
Above its 200-day averageAround its usual level
Daily close,1.17× the 200-day averageThe stretched level rises with the average, so an old peak price is not the same level now.
Price against its 200-day average
1× means price sits exactly on its 200-day average. Below that has been the cheap side. The dashed line marks the level past overheated peaks ran into. Equal steps on the scale are equal percentage moves, so the whole history fits one view.
Bitcoin price uses its own scale on the right. Compare the timing of the moves, not how far apart the two lines look.
Inspect and compare dates
Pick two to four dates and read the multiple on each.
| Measure | Change | Relative change | ||
|---|---|---|---|---|
| Price against its 200-day average | 1.12× | 1.17× | +0.05× | +4.4% |
Right now
Bitcoin is close to its 200-day average, neither cheap nor stretched.
At the 28 Sep 2026 close, price was $83,463 against a 200-day average of $71,142, 1.17× that average.
What changed
The reading moved up from 1.12× to 1.17× over the past 31 days, since 28 Aug 2026.
Turn on Bitcoin price in the chart to see the price behind it.
Against its own history
The reading sits at the 57th percentile of everything this measure has done, in the middle of its history. Price has closed under its 200-day average on 2,135 of the 5,719 days since February 2011, 37% of them.
It has closed at 2.4× or more on 344 of the same 5,719 days, 6% of them, which is why that level marks the stretched end rather than a ceiling price cannot pass.
What to watch from here
- Price stands at 1.17× its 200-day average, which is $83,463 against $71,142. The stretched level sits at $170,741.
- The 200-day average moves slowly, so a day's price move barely shifts this reading. Falling back to the average would take a drop of 14.8% from that close.
- Watch the two edges: a lasting move under $71,142, or a push toward $170,741.
How to read it
This is one of the oldest and simplest ways to ask whether Bitcoin looks cheap or expensive against its own recent trend.
It says where price sits against that average. It does not say when price will return to it, or whether it will. A longer averaging window tells a slower version of the same story.
Understanding
Mayer Multiple
Where it stands today
Bitcoin's price is 1.17× its 200-day average as of .
What does this chart measure?
The Mayer Multiple is Bitcoin's price divided by its 200-day average price, the average of the last 200 daily closes. A reading of 1.00× means price equals that average. 0.90× means it is 10% under it, and 2.00× means twice it. The line is that reading every day since February 2011.
Which readings matter?
Two levels frame it. Under 1× price is below its own average, the cheap side. At 2.4× and above, price has reached the stretched end, near where past overheated peaks formed. Most days sit between the two: only 344 of 5,719 published days, 6%, closed at 2.4× or more.
Why is the scale squeezed?
Bitcoin has closed at a quarter of its 200-day average and at more than thirteen times it. The chart uses a scale where equal steps are equal percentage moves, so the early years and the recent ones share one view instead of the recent ones being pressed against the floor. The legend and the tooltip print the exact reading.
Does a cheap reading mean price has bottomed?
No. The reading can stay under the average for months, and it can stay above it for months. It measures distance from a slow average, not timing. It is a guide, not a guarantee, and it is not advice to buy or sell.
How is this different from the two-year average?
The two-year average takes ten times as many days, so it moves far more slowly and its stretched end sits much higher. Use this page for where price sits against its recent trend, and that one for where it sits in the wider cycle. Open the two-year average.
The numbers
behind the chart
What does the current reading show?
Price against its 200-day average: the latest reading is 1.17×, on . The highest reading since is 13.25× on ; the lowest is 0.23× on .
Daily readings since 1 Feb 2011 let you compare 28 Sep 2026 with earlier months. Highest and lowest cover every reading since then; month-end values use the last reading on or before that date. On 28 Sep 2026 the 200-day average itself was $71,142.03.
What are the latest, highest and lowest readings?
| Measure | Latest | Highest | Lowest |
|---|---|---|---|
| Price against its 200-day average | 1.17× | 13.25× | 0.23× |
How do the readings compare with earlier dates?
| Reference date | Price against its 200-day average |
|---|---|
| 1 month ago | 1.12× |
| 3 months ago | 0.79× |
| 6 months ago | 0.73× |
| 1 year ago | 1.07× |
| 2 years ago | 1.03× |
What was the reading at each month’s end?
| Reading date | Price against its 200-day average |
|---|---|
| 1.13× | |
| 0.88× | |
| 0.78× | |
| 0.93× | |
| 0.91× | |
| 0.75× | |
| 0.69× | |
| 0.76× | |
| 0.82× | |
| 0.82× | |
| 1.00× | |
| 1.09× | |
| 1.07× | |
| 1.17× | |
| 1.11× | |
| 1.10× | |
| 1.05× | |
| 0.96× | |
| 1.03× | |
| 1.32× | |
| 1.31× | |
| 1.44× | |
| 1.11× | |
| 0.99× |
Source: Maketo's daily record of Bitcoin's price against its 200-day average. Reading for .