Mayer Multiple
The Mayer Multiple, introduced by Trace Mayer, divides Bitcoin's current price by its 200-day simple moving average. A reading of 1 means price sits exactly on the 200-day average; readings above 1 mean price is trading above that trend line, and readings below 1 mean price is trading beneath it.
The metric is used to describe how stretched price is relative to its own longer-run trend rather than relative to a fixed dollar level. Mayer's original research identified readings below roughly 2.4 as a statistically favorable historical range across Bitcoin's full price history, while materially higher readings have historically coincided with periods of elevated extension above trend, and materially lower readings, well below 1, have historically coincided with deep discounts to trend.
Because it is built entirely from a moving average of past prices, the Mayer Multiple is a lagging, descriptive measure of price versus trend — it characterizes the current relationship between price and its 200-day average, not a forecast of where either is headed next.
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