New analysis of a classic BTC price metric says Bitcoin is “undervalued” despite staying near all-time highs . In an X post on July 8, Axel Adler Jr., a contributor to onchain analytics platform CryptoQuant, revealed promising signals from Bitcoin's Mayer Multiple .
Bitcoin Mayer Multiple “significantly below overbought thresholds” . BTC price action could be circling $108,000 after 90% gains over the past year, but the Mayer Multiple is far from ready to call a BTC price top . The Multiple compares BTC/USD to its 200-day simple moving average, and the resulting value can be used as a strength gauge when compared to similar periods in previous market cycles .
“Currently, the metric stands at 1.1х (price to 200-day moving average), which falls within the neutral zone (0.8–1.5х) and is significantly below overbought thresholds (1.5х),” Adler wrote . “Today's Mayer Multiple indicates that Bitcoin is trading at a discount to its historical bull rallies and is rather undervalued than overvalued - a good fuel reserve for a new upward impulse” .
While the Multiple does not offer strict buy or sell signals, it forms one of a large number of onchain metrics which have yet to signal a bull market top . As Cointelegraph reported, a giant list of thirty “bull market peak” indicators from monitoring resource CoinGlass remains 100% in “hold” territory .
However, estimates of when the current uptrend may encounter its “blow-off top” vary .
The Mayer Multiple was created by Trace Mayer as a way to analyze the price of Bitcoin in a historical context . It does NOT tell whether to buy, sell or hold . The Mayer Multiple is the multiple of the current Bitcoin price over the 200-day moving average . The average Mayer Multiple since the creation of Bitcoin is 1.30 . The Mayer Multiple has historically been higher than today's value 52% of the time .
Trace Mayer determined that in the past, the best long-term results were achieved by accumulating Bitcoin whenever the Mayer Multiple was below 2.4 .
On July 3, 2025, Bitcoin is trading at $107,374, steadily holding above the 20-day EMA ($105,586) and the 50-day EMA ($103,709), which now serve as strong short-term support zones . The 100-day EMA ($99,898) and 200-day EMA ($94,204) remain key longer-term support levels .
If BTC maintains its position above the 50-day and 100-day EMAs, Bitcoin Price Prediction suggests a 2–3% upside, potentially hitting $110,000 by June 30, 2025, if bullish momentum holds .
Other analysts believe Bitcoin is 40% Undervalued . According to Charles Edwards of Capriole Investments, after the April 2024 halving, Bitcoin's energy value (based on mining costs and network energy consumption) was estimated to be $130,000 .