The popular Bitcoin valuation metric hasn’t been at this level since the downfall of cryptocurrency exchange FTX in November 2022.
A widely used Bitcoin valuation indicator is currently flashing red, signaling that Bitcoin hasn’t been this undervalued since the collapse of the cryptocurrency exchange FTX at the end of 2022.
“If you believe the Bitcoin price will be higher in 6-12 months, then this is objectively a fantastic time to buy,” crypto education resource On-Chain College wrote in an Aug. 7 X post, referring to the Bitcoin (BTC) Mayer Multiple chart.
The indicator compares Bitcoin’s current price to its 200-day moving average, and the resulting ratio is used as a buy or sell signal. Its creator, Trace Mayer, has considered a reading below 2.4 “buy” territory.
