Mayer Multiple — price over its 200-day trend.
Bitcoin's price divided by its 200-day simple moving average. Below 1, price trades under its long-term trend; above 2.4, Trace Mayer's original research found buying had historically done worse than average.
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Mayer Multiple since 2012
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Indicators describe where price sits relative to its own history. They are not forecasts and not financial advice. Past cycle behaviour is no guarantee of future cycles.
Shrinking peaks
The chart uses a log scale because the multiple is itself a ratio: 0.5× and 2× sit the same distance from 1. Peaks have fallen every cycle — 5.7× in 2013, 3.6× in 2017, under 2× since — so the 2.4 line is a historical marker, not a level the market has to reach.
What it read at past tops and bottoms
| DATE | BTC CLOSE | MAYER MULTIPLE | 200-DAY SMA | |
|---|---|---|---|---|
| 2013 top | Dec 4, 2013 | $1,132 | 5.70× | $198.67 |
| 2015 bottom | Jan 14, 2015 | $171.41 | 0.39× | $434.95 |
| 2017 top | Dec 17, 2017 | $18,953 | 3.61× | $5,252 |
| 2018 bottom | Dec 15, 2018 | $3,180 | 0.51× | $6,279 |
| April 2021 top | Apr 13, 2021 | $63,564 | 1.97× | $32,224 |
| November 2021 top | Nov 8, 2021 | $67,559 | 1.48× | $45,510 |
| 2022 bottom | Nov 21, 2022 | $15,766 | 0.71× | $22,323 |
| 2025 top | Oct 6, 2025 | $124,728 | 1.18× | $105,907 |
| Latest close | Sep 26, 2026 | $84,433 | 1.19× | $71,003 |
Get pinged when it crosses your level
The 200-day average sits at $71,003 today — the level where the Mayer Multiple crosses 1. Set an indicator alert and coinsentry checks it at every daily close, pinging you on Telegram, Discord, Slack, email or webhook the first close it crosses your level — once, or every time it crosses. Indicator alerts are part of the Unlimited plan. Prefer a price level? Bitcoin price alerts are on the Bitcoin price alerts page.
Fair questions, straight answers
Bitcoin's price divided by its 200-day simple moving average (SMA). Created by Trace Mayer, it shows how far price has stretched above or below its long-term trend.
Mayer's original work flagged 2.4 as the level above which buying had historically been worse than average. It read 5.70 at the 2013 top and 3.61 at the 2017 top, but only 1.97 in April 2021 and 1.18 at the 2025 top — the peaks shrink every cycle.
Price is below its 200-day average. Every past cycle bottom sat well below 1: 0.39 in January 2015, 0.51 in December 2018 and 0.71 in November 2022.
It's the most widely followed long-term trend line across markets, and in Bitcoin it has acted as support in bull markets and resistance in bear markets.