Is Bitcoin cheap or stretched versus its usual price?
How today's price compares to its 200-day average. Below the average is the cheap side; far above it has marked past peaks.
This is one of the oldest and simplest value gauges for Bitcoin — the Mayer Multiple, just today's price divided by its 200-day average. Read more
- Lately Bitcoin has been gaining on its 200-day average.
- It is still under the average — the cheap side of its usual range.
The shaded band is the normal range it spends most of its time in. Dips below it have been cheap; spikes above the top line have marked overheated peaks.
If Bitcoin runs more than 2.4× its 200-day average, it enters the stretched zone that has marked past tops.
If it falls further below that average, it sinks deeper into the cheap zone that has marked past lows.
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.