- BTC prices near $108,000 are still cheap, as reflected by the Mayer multiple of just 1.1x, well below past bull market peaks.
- On-chain signals imply that markets have not reached euphoria, indicating that perhaps this rally is still midway through its course.
- Readings on charts like CoinGlass show a “hold” sign, indicating potential gains ahead before a final cycle high is reached.
Bitcoin remains significantly undervalued despite prices hovering around all-time highs, a new on-chain analysis argues, and suggests that the current bull cycle still has a life ahead of it. Analysts point to a popular method of valuing Bitcoin by the Mayer Multiple as a key indicator that the ultimate high of the current cycle has been avoided thus far.
CryptoQuant contributor Axel Adler Jr. shared commentary on X (formerly Twitter) today, indicating that the Mayer Multiple is 1.1x. This is a comparison of today’s price of Bitcoin with its 200-day simple moving average (SMA) and can be used to determine if BTC is overvalued or undervalued by its previous price habits.
According to Adler, a reading of 1.1x falls comfortably within the “neutral zone” between 0.8x and 1.5x, well out of historically “overbought” territory ahead of market tops. “The Mayer Multiple of today declares that Bitcoin is available at a discount relative to its earlier bull surges and more undervalued than overvalued, a good energy reservoir for a new impulse to the upside,” he explained.
Despite the rally of Bitcoin in recent times, rising by over 90% in the last one and now trading at around $108,000, most on-chain indicators remain bearish, indicating that the market is either not in a state of euphoria or overheating. A 30-commodity comprehensive dashboard kept by CoinGlass that records 30 various indicators related to peaks of a bull market indicates all indicators remain in the “hold” zone.
While the Mayer Multiple itself isn’t a buy or sell trigger, its activity, viewed in combination with other on-chain data, is informative about broad-based market sentiment and phase. Current levels, by analysts’ estimates, are more characteristic of mid-cycle consolidation than a terminal blow-off top.
Bitcoin Bull Market Peak Expected by October 2025
The timing of Bitcoin’s next major peak remains a subject of debate. Increasingly, analysts are pointing toward October 2025 as a likely timeframe, based on patterns from previous halving cycles. Popular trader and market analyst Rekt Capital recently emphasized this point, stating, “If Bitcoin is going to peak in its Bull Market in September/October 2025 as per historical Halving cycles… That’s only 2-3 months away.”
The date of Bitcoin’s next major peak remains a subject of debate. Increasing numbers of analysts are shifting their focus to a possible time around October 2025, using past halving periods’ trends. Renowned trader and market analyst Rekt Capital recently pointed out this aspect, stating, “If Bitcoin is going to peak in its Bull Market in September/October 2025 as per historical Halving cycles… That’s only 2-3 months away.”
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“Some people are under the impression that the cycle can extend into 2026 (the year of the bear market) because of the slower price action,” CryptoCon said in an X post. “But most data seems to favor that the cycle will be complete by the end of this year. Let’s see what October brings!”
“Some believe that the cycle goes into 2026 (bear market year) due to slower price activity,” CryptoCon wrote in an X post. “Most data, however, leans toward believing that the cycle will conclude before the end of this year. Let’s see what October has in store for us!”
Though investors take these perspectives into account, a broad on-chain consensus is still cautiously bullish. In that, as the Mayer Multiple is still well beneath historical maxes and there’s no major yellow flag from key indicators, Bitcoin can still have a high upside before hitting its eventual high of this cycle.
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