Bitcoin Mayer Multiple
Bitcoin’s price against its 200-day average, a simple gauge of whether the market is cheap or stretched.
Mayer Multiple today
Compiled by SBZ from daily Bitcoin prices. Updated hourly.
Price ÷ 200-day average, since 2017. Below 0.8 (green) Bitcoin has historically been cheap; above 2.4 (red), overheated. Point at the chart for any date.
What is the Mayer Multiple?
The Mayer Multiple divides Bitcoin’s price by its 200-day moving average, a widely followed long-term trend. A value of 1 means price is exactly on its average; 1.5 means 50% above it. It was popularised by investor Trace Mayer.
How to read it
Readings above 2.4 have historically marked overheated markets near cycle tops; they occurred on only about 5% of days. Readings below 0.8 have marked periods when Bitcoin was cheap against its trend, on about 17% of days. Peaks have become lower each cycle: about 3.7 in December 2017, 2.8 in January 2021 and 1.9 in March 2024. The most recent low was about 0.6 in February 2026.
Limits
The 200-day average itself moves, so after a long decline the multiple can look normal even when price is far below its peak. Use it alongside measures such as MVRV and drawdown from the all-time high.
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Frequently asked questions
What is a good Mayer Multiple to buy Bitcoin?
Historically, readings below 0.8 have been the most attractive long-term entry zones, and readings above 2.4 the most overheated. These are historical observations, not guarantees.
How is the Mayer Multiple calculated?
Price divided by the average daily closing price of the last 200 days.
What is the Mayer Multiple today?
The live value is shown at the top of this page, with its zone and history since 2017.
Why have Mayer Multiple peaks become lower?
Each cycle has seen smaller moves relative to the trend as Bitcoin’s market has grown and matured: from about 3.7 in 2017 to 2.8 in 2021 and 1.9 in 2024.
For information only, not investment advice. Figures are updated automatically and can differ slightly between data providers.