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BITCOIN MAYER MULTIPLE

Is Bitcoin Cheap or Stretched?

How today's price compares to its 200-day average. Below the average is the cheap side; far above it has marked past peaks.

Updated 18 hours ago
maketomaketo.com/indicator/mayer-multiple024681020112013201520172019202120232025TODAY0.84

1.0 means the price exactly matches its 200-day average. Below it has been the cheap side; readings past 2.4 have marked overheated peaks.

  1. Is Bitcoin cheap or stretched right now?

    On the Cheap Side

    The price is below its usual level — the side of the range where patient buyers have done well.

  2. Is that unusual compared to the past?

    Today's reading sits at the 22nd percentile of everything this measure has ever done — toward the cheap end.

    CheapStretched

  3. What do cheap and stretched look like in dollars?

    $74K
    Cheap below
    The 200-day average — under it has been the cheap side.
    $62K
    Price now
    0.84× the 200-day average.
    $177K
    Stretched above
    2.4× the average — past peaks have run into this zone.

  4. What does this mean for you?

    Bitcoin is on the cheap side of its own trend.

    The price is 0.84× its 200-day average ($74K) — below its usual level, at the 22nd percentile of its history.

    Below the average has historically been the patient buyer's side of the range: not a bottom call, just a price below its own recent norm.

    What flips the picture is a sustained climb back through the average — that's how past recoveries from this side looked.

    What to watch from here
    • At 0.84× the 200-day average — the cheap side, 22nd percentile of this measure's history.
    • A sustained move back above $74K (the average itself) is how past recoveries from this side started.
    • No rush lives in this zone — it has historically rewarded patience over precision.
The Long-Term Trend →
Where the price sits inside Bitcoin's long-term corridor.
The Two-Year View →
The same idea over a much longer averaging window.
Above or Below What People Paid? →
How far the price sits from the network's average buy price.

Understanding Mayer Multiple

The Mayer Multiple is simply Bitcoin's price divided by its 200-day average. A reading of 1 means price equals that average; below 1 means it's trading under it; 2 means twice the average.

History shows two useful lines: below 1 has been the cheap side, and above about 2.4 has marked stretched, overheated levels near past peaks. Most of the time it sits somewhere in between.

It's one of the oldest and simplest ways to gauge whether Bitcoin looks cheap or expensive against its own recent trend. Like any single number, it's a guide, not a guarantee.