Bitcoin’s Mayer Multiple indicates that BTC is closer to being “oversold” than “overbought” at all-time highs, with room to reach $180,000. The indicator has remained stable while BTC price struggles to break out, dispelling blow-off top expectations for this month. The onchain indicator points to bullish price continuation.

The Mayer Multiple, measuring the ratio of price to its 200-week moving average, currently sits at 1.16, closer to “oversold” than “overbought.” Analysts like Frank A. Fetter see a favorable setup for BTC to rise to $180,000, with the indicator cooling this bull cycle compared to previous ones.

Speculation surrounds Bitcoin’s next volatile move, with debates on when the breakout will occur. The potential lack of a breakout by year-end poses risks to the bull market. Short-term outlooks anticipate choppy price action in October, with a possible 10% dip bringing BTC back to $114,000 or lower.

Read more at Cointelegraph: Bitcoin Has Room to Hit $180,000: Mayer Multiple Analysis