An analyst suggests that Bitcoin could reach over $168,500 based on the historical trends of the Mayer Multiple. This indicator tracks the ratio between Bitcoin's price and its 200-day moving average (MA), a crucial level that often indicates bullish and bearish trends.
Ali Martinez notes that when the Mayer Multiple rises, Bitcoin trades significantly above the 200-day MA, suggesting possible overbought conditions. Conversely, a low value may indicate an upcoming bullish reversal.
The current value suggests Bitcoin is about halfway to reaching the level of 2.4 on the Mayer Multiple, historically marking an overheated point and a potential price top at around $168,500. Until Bitcoin reaches this level, it could signal either a continuation of its upward trend or another decline to lower levels.
Recently, Bitcoin managed to find support at the 0.8 level on the Mayer Multiple, avoiding a deeper bear market. Meanwhile, Bitcoin has recovered slightly, rising to $96,000 after slipping towards $92,000.
