BITCOIN 2-YEAR MA MULTIPLIER

What does this chart measure?

The 2-Year Moving Average Multiplier is Bitcoin's price divided by its average over the past two years, the average of the last 730 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 July 2012.

Which readings matter?

Two levels frame it. Under 1× price is below its own two-year average, a low-side level that has lined up with past lows, and one price has closed at on 1,416 of 5,189 published days. At the other end, past cycle tops pushed price to roughly five times that average, which only 249 days, 5% of them, have reached.

Why is the scale squeezed?

Bitcoin has closed at four tenths of its two-year average and at nearly eighteen 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.

Why two years?

Two years of closes is long enough to cover most of a Bitcoin cycle, so the average barely reacts to a single month. That is the point: the reading moves slowly, and it says where price sits in the wider cycle rather than what happened this week. On 28 Sep 2026 that average stood at $88,619.

Does a low reading mean price has bottomed?

No. Price has stayed under this average for months at a time, and above it for years. It measures distance from a very 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 200-day average?

The 200-day average takes about a quarter as many days, so it turns much faster and its stretched end sits far lower. Use that page for where price sits against its recent trend, and this one for where it sits in the wider cycle. Open the 200-day average.