Bitcoin Mayer Multiple
Current ratio
1.13×
+1.43%vs 30 days ago
Bullish Channel
Bitcoin's Mayer Multiple is 1.13× as of Oct 14, 2026, higher than on 51% of days since 2012. The $81,574 close is 13.0% above the 200-day average of $72,205, inside the 1.1× to 1.7× bullish channel.
- All-time high ratio
- 8.23×
- Apr 9, 2013
- All-time low ratio
- 0.39×
- Jan 14, 2015
- Current 200-day SMA
- $72,205
- 30-day ratio change
- +1.43%
What it is
Bitcoin's price divided by its 200-day moving average.
The 200-day average is the mean of the last 200 daily closes, a trend line slow enough to show where price sits against its recent past. At 1.0× the two are equal. At 1.5× the price is 50% above the average; at 0.8× it is 20% below. The ratio is named after Trace Mayer, the early bitcoin investor who proposed it.
What the zones mean
Historical observations from past cycles, not predictions.
Share of days since 2012 in each band. Under 0.55× (oversold): 0.8%, only in 2015, 2018 and 2022. 0.55× to 1.1× (bearish channel): 45.6%. 1.1× to 1.7× (bullish channel): 41.3%. 1.7× to 2.5× (overextended): 9.1%. 2.5× and up (overbought): 3.2%.
How past cycles played out
The record is 8.23×, on Apr 9, 2013.
At the cycle tops in our data it read 5.70× (2013), 3.71× (2017), 1.48× (2021) and 1.18× (2025), each lower than the one before. A long rally lifts the 200-day average with it, so a top that arrives late reads lower than an early burst. In the last bull market the ratio peaked at 1.85× on Mar 13, 2024, 19 months before the price top. In the 2022 bear market it bottomed at 0.48× on Jun 18, 2022, five months before price did, and read 0.71× at the price low.
Mayer Multiple at past cycle tops and lows
Each row is a day picked by our own price data: the highest daily close of each bull market, and the lowest close between two tops.
| Event | Date | BTC close | Mayer Multiple |
|---|---|---|---|
| Cycle top | Dec 4, 2013 | $1,132 | 5.70× |
| Cycle low | Jan 14, 2015 | $171 | 0.39× |
| Cycle top | Dec 16, 2017 | $19,188 | 3.71× |
| Cycle low | Dec 15, 2018 | $3,180 | 0.51× |
| Cycle top | Nov 8, 2021 | $67,559 | 1.48× |
| Cycle low | Nov 21, 2022 | $15,766 | 0.71× |
| Cycle top | Oct 6, 2025 | $124,728 | 1.18× |
| Low since the last top | Jun 30, 2026 | $58,526 | 0.78× |
Dates are UTC daily closes. The latest low is provisional until a new cycle top confirms it.