Bitcoin Mayer Multiple returns to July 2021 levels in fresh sign $37K BTC is a long-term buy

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Bitcoin (BTC) has fallen on one of its most well-known indicators to indicate a rare long-term investment opportunity here.

As of February 22, Mayer Multiple is at its lowest level since Bitcoin returned to $ 29,000 in July last year.

Mayer Multiple for 50% in 3 months
Mayer Multiple, the latest in a series of indicators reflecting the 2021 BTC / USD recovery crater, is currently at 0.76, halved from the all-time high of $ 69,000 in November.

The multiplier measures the current price of bitcoin compared to a 200-day moving average. The creator, Trace Meyer, believes that any value below 2.4 provides an increasingly profitable trade for potential investors, and the lower the score, the more likely it is that long-term purchases will be effective.

For context, the multiplier is above 0.8 most of the time and has been above the current level 87% of the time since 2011.

The current fall in the indicator has not gone unnoticed, and several users of social networks drew attention to it last week.

Bitcoin Mayer multiple chart (screenshot). Source: BuyBitcoinWorldwide
Another curiosity lies in the last peak of November. Despite the all-time high, the multiplier only hit its average all-time high of 1.42, peaking at $ 69,000, up from before.

Where are the deposits?
As Cointelegraph reported this week, meanwhile, existing investors are overwhelmingly choosing to collect their bitcoins.

RELATED: Bitcoin Network Activity Falls 30% from Peaks as It Simulates “Furious” Demand in Mid-2019

The number who bought a year ago or earlier is on the rise, although prices are starting to fall below the spot price at the same time in 2021.

But with very little interest from retail investors, commentators claim that the current layout is the only one dictated by the marketers.

“After reaching the peak in May last year, Taker’s purchase volume (liquidity) has declined. During the year, the expected movement did not occur, and liquidity decreased. New deposits continued to decline “, the Quicktake series concluded on 20 January.

Source: CoinTelegraph

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