A ratio of Bitcoin's current price to its 200-day moving average. Values below 1.0 suggest undervaluation relative to the long-term trend, while values above 2.4 have historically indicated overheated conditions.
A ratio of Bitcoin's current price to its 200-day moving average. Values below 1.0 suggest undervaluation relative to the long-term trend, while values above 2.4 have historically indicated overheated conditions.
The Mayer Multiple, created by investor Trace Mayer, is a simple but powerful ratio: Bitcoin's current price divided by its 200-day moving average (200 DMA). The 200 DMA is one of the most widely followed technical indicators in all financial markets, representing the long-term price trend. The Mayer Multiple quantifies how far the current price has deviated from this trend.
Historical analysis shows that a Mayer Multiple below 1.0 (price below the 200 DMA) indicates that Bitcoin is trading below its long-term trend and has historically been a favorable buying zone. The average Mayer Multiple over Bitcoin's lifetime is approximately 1.4. Values above 2.4 have historically coincided with cycle tops and periods of extreme speculation — less than 5% of Bitcoin's trading days have seen a Mayer Multiple this high.
The Mayer Multiple is particularly useful because of its simplicity and objectivity. Unlike more complex models, it requires only two inputs: current price and the 200 DMA. This makes it easy to calculate, verify, and incorporate into a multi-indicator framework. Combined with the MVRV Z-Score (on-chain valuation), Power Law (time-based valuation), and Pi Cycle Top (moving average crossover), the Mayer Multiple provides a complementary technical perspective on market cycles.
Explore real-time data and interactive charts related to Mayer Multiple on Bitcoin Horizon.
View Live ToolHistorically, buying when the Mayer Multiple is below 1.0 (price below the 200-day moving average) has produced strong long-term returns. Values between 0.5 and 0.8 have been particularly attractive, coinciding with deep bear market accumulation zones. The lifetime average is about 1.4, so anything below that could be considered relatively favorable compared to the historical norm.
The Mayer Multiple is a useful tool but not a precise timing indicator. It excels at identifying extremes — values below 0.8 and above 2.4 have reliably marked major bottoms and tops. In the middle range (0.8-2.0), it is less decisive. It works best when used alongside other indicators like MVRV Z-Score and the Power Law model, providing technical confirmation of on-chain and mathematical signals.
A Mayer Multiple above 2.4 means Bitcoin's price is more than 140% above its 200-day moving average — an extreme deviation that has occurred less than 5% of the time. Historically, these readings have coincided with the most euphoric phases of bull markets and have preceded significant corrections. It does not mean price will immediately drop, but it signals elevated risk and has been a reliable sell-zone marker across multiple cycles.