Bitcoin's Mayer Multiple hits 2022 levels: Where is BTC price bottom?

💡 DMK Insight

The Bitcoin Mayer Multiple hitting 0.65 is a significant indicator of market sentiment, reflecting deep bear market conditions similar to those seen in 2022. Traders should pay close attention to this metric as it suggests that BTC could be undervalued, but it also raises questions about whether the true bottom is around $50,000 or even lower. If BTC fails to hold above this level, we could see a cascade effect that impacts not just Bitcoin but also Ethereum and altcoins, as market participants reassess their risk appetite. Watch for volatility in the coming weeks, especially if BTC approaches critical support levels. A break below $50,000 could trigger further selling pressure, while a bounce could signal a potential recovery rally. Keep an eye on the Mayer Multiple as it could provide insights into future price movements and market psychology.