Key points:
- Bitcoin’s classic Mayer Multiple remains well below overheated levels, even as the price nears all-time highs.
- According to analysis from a popular CryptoQuant contributor, this could pave the way for a “new upward impulse” in BTC price action.
- October 2025 is increasingly being viewed as the likely peak of the current bull market.
Bitcoin remains “undervalued” even as it hovers near all-time highs, according to fresh analysis of a classic BTC price indicator.
In a Tuesday post on X, Axel Adler Jr., a contributor to on-chain analytics platform CryptoQuant, highlighted encouraging signals from the Bitcoin Mayer Multiple.
Bitcoin Mayer Multiple “Well Below Overbought Levels”
Bitcoin may be hovering around $108,000 after posting 90% gains over the past year, but the Mayer Multiple suggests a price top is still a long way off.
The Mayer Multiple measures BTC/USD against its 200-day simple moving average, serving as a gauge of market strength when compared to similar points in past cycles.
“Right now, the metric is at 1.1x (price vs. 200-day moving average), placing it firmly in the neutral zone (0.8–1.5x) and well below the overbought threshold of 1.5x,” Adler explained.
“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.”
Although the Mayer Multiple doesn’t provide definitive buy or sell signals, it’s one of many on-chain indicators that have yet to suggest a bull market top is in sight.
BTC price top in October, analysts say
Estimates for when the current uptrend might reach its “blow-off top” continue to vary, but October 2025 is gaining traction as a likely target.
Trader and analyst Rekt Capital has pointed to that month based on historical halving cycle patterns.
“If Bitcoin is going to peak in its Bull Market in September/October 2025, as history suggests… that’s only 2–3 months away,” he reiterated over the weekend.
This week, fellow trader Jelle echoed the timeline, noting that profit-taking has already begun.
Analyst CryptoCon addressed the current cycle outlook in a recent post on X, noting that some believe the cycle could extend into 2026—the typical year of a bear market—due to the slower pace of price action.
“Most data seems to favor that the cycle will be complete by the end of this year. Let’s see what October brings! More waiting inbound…”
