Bitcoin ‘Ice Cold’ at Record Highs, Indicator Signals Room to Run to $180K

Bitcoin may be sitting at record highs, but a key long-term price gauge suggests the world’s largest cryptocurrency still has plenty of room to ￰0￱ Takeaways: The Mayer Multiple shows Bitcoin remains far from “overbought,” suggesting room for further upside toward $180,000. Current readings of 1.16 indicate a cooler, more sustainable bull market compared to past cycles that peaked above ￰1￱ view Bitcoin’s muted indicator levels as a sign of strong long-term momentum, despite short-term ￰2￱ to the Mayer Multiple, a popular onchain indicator tracking the ratio of Bitcoin’s price to its 200-week moving average, BTC remains far from “overheated.” The latest readings place the Multiple at just 1.16, well below the 2.4 level that has historically signaled market ￰3￱ Says Bitcoin Still Has Room to Run “Bitcoin is at all-time highs and the Mayer Multiple is ice cold,” said crypto quant analyst Frank ￰4￱ on X this week, referencing data from analytics site ￰5￱ noted that for the indicator to flash “overbought” conditions, Bitcoin would need to rise to around $180,000, implying significant upside ￰6￱ Mayer Multiple has long served as a temperature check for Bitcoin’s broader market ￰7￱ previous peaks, such as in 2017 and 2021, the indicator soared well above 2.4, reflecting speculative fervor and signaling overheated ￰8￱ is at all-time highs and the Mayer Multiple is ice cold.

I like the setup. $BTC ￰9￱ — Frank (@FrankAFetter) October 9, 2025 This cycle, however, has been markedly ￰10￱ Multiple’s highest reading so far was 1.84 in March 2024, when Bitcoin traded near $72,000, according to data from ￰11￱ suggest this muted reading reflects a healthier and more sustained bull ￰12￱ July, crypto researcher Axel Adler ￰13￱ readings near 1.1 as “a good fuel reserve for a new upward impulse,” echoing the idea that Bitcoin’s price still has headroom before reaching historically frothy ￰14￱ the bullish outlook from onchain data, traders remain divided on ￰15￱ analysts warn that if Bitcoin fails to break out decisively before year-end, the broader bull cycle could lose ￰16￱ expect continued volatility through October, traditionally one of Bitcoin’s strongest months, with potential retracements to $114,000 before any move ￰17￱ so, with the Mayer Multiple signaling plenty of “fuel in the tank,” many see Bitcoin’s long-term trajectory still pointing north, potentially toward the $180,000 ￰18￱ Warns Bitcoin Faces Decisive 100-Day Window Bitcoin may be nearing a critical turning point, according to trader Tony “The Bull” Severino, who believes the next 100 days could determine whether the cryptocurrency enters a parabolic rally or ends its current bull ￰19￱ pointed to the Bollinger Bands indicator on Bitcoin’s weekly chart, which has tightened to levels unseen before, often a precursor to sharp price moves in either ￰20￱ cautioned that “head fakes,” or false breakouts, are common during such ￰21￱ noted Bitcoin recently failed to break above the upper band with strength after briefly touching $126,000, suggesting a potential dip before any sustained rally.

Currently, BTC trades around $122,700, hovering below its record highs as volatility compresses ￰22￱ some analysts fear a looming breakdown, others argue that Bitcoin’s cycles are getting longer, hinting at more room for growth.