Bitcoin’s Momentum Remains Strong as Key Metric Signals Room for Major Upside

Despite trading near record highs around $121,657, Bitcoin may still have plenty of room to climb.

A well-known long-term indicator, the Mayer Multiple, suggests the leading cryptocurrency could stretch as far as $180,000 before becoming overheated.

According to onchain analyst Frank A. Fetter, Bitcoin’s current market position looks “ice cold” compared with previous cycles. The Mayer Multiple, which tracks the relationship between Bitcoin’s price and its 200-week moving average, shows a reading of 1.16 – much closer to levels typically seen in undervalued conditions than those associated with speculative peaks. Historically, the market only enters “overbought” territory when the ratio surpasses 2.4.

That means even as Bitcoin sets new records, its long-term valuation metrics remain unusually subdued. For BTC to hit that 2.4 threshold, its price would need to climb to roughly $180,000.

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Some analysts share that optimism. In mid-2025, Axel Adler Jr. described readings near 1.1 as “a strong reserve of energy” for another upward move. With current values sitting just above that mark, many believe the market could still have momentum left for a breakout before year’s end.

Still, not everyone expects a straight path higher. October, often one of Bitcoin’s strongest months, could bring volatile swings before any decisive move. Experts warn that a short-term pullback to the $114,000 – $115,000 range remains possible before the next major push.
Even so, the broader narrative suggests a market that’s far from exhaustion.