Bitcoin’s price has been bouncing around lately. While it saw a small jump after some international news, it’s still stuck in a bit of a rut, struggling to break past $110,000. But what’s next?
Analyzing Bitcoin’s Price with the Mayer Multiple
One analyst, On-Chain College, is looking at the Mayer Multiple to predict Bitcoin’s future price. This tool compares Bitcoin’s price to its 200-day moving average. Basically, it helps figure out if Bitcoin is cheap, expensive, or just right based on its past performance.
According to the Mayer Multiple, Bitcoin has historically bounced between its 200-day moving average (1.0x) and 1.5x that average. However, it’s only reached its peak price after hitting 2.5x its 200-day moving average. This suggests there’s still room for growth.
Two Potential Price Targets
Based on this analysis, On-Chain College suggests two possible price targets:
- $96,000 (1.0x): A drop to this level might shake out weaker investors before another big price increase.
- $144,000 (1.5x): This aligns with Bitcoin’s historical price range and represents a more bullish scenario.
Current Market Conditions and Future Predictions
Right now, Bitcoin is trading around $102,700, showing slight losses over the past day, week, and month. Overall market sentiment is neutral, but some analysts are predicting a big price jump to around $136,000 in the next five days. Longer-term predictions vary, with some suggesting prices as high as $138,000 in three months and others predicting a slight drop to $116,000 in six months.
