Mayer Multiple
Bitcoin's current price divided by its 200-day moving average. A reading above 2.4 has historically marked overheating; below 1.0 marks deeply undervalued accumulation zones.
What is it?
The Mayer Multiple, created by Trace Mayer, is simply the spot price divided by the 200-day moving average (200 DMA). A Mayer Multiple of 1.0 means price is exactly on the 200 DMA. Above 1.0, price is at a premium to the long trend; below, at a discount. This ratio is one of the oldest and simplest technical indicators applied to Bitcoin, offering a pure measure of trend deviation.
How to read
A Mayer Multiple above 2.4 has historically marked extreme overbought conditions - price has only spent ~5% of its history above this threshold. Below 0.8, the market is in historical accumulation territory. Between 1.0 and 1.5, the market is in a healthy trend.
Key zones
Key thresholds: < 0.6 = extreme capitulation (rare, only 2-3 occurrences in history); 0.6-0.8 = accumulation; 0.8-1.0 = recovery; 1.0-2.4 = bullish trend; > 2.4 = overheating (likely top). These thresholds are empirical and not adjusted for declining structural volatility.
What to observe
The Mayer Multiple trend is as informative as its absolute value. A steadily rising Mayer Multiple suggests increasing momentum. A declining Mayer Multiple while price still rises can mark divergence and trend weakening.
Historical context
The 2.4 threshold was reached in 2013 (MM > 5.0), 2017 (MM ≈ 3.8), and briefly in 2021 (MM ≈ 2.5-2.8). The trend shows declining successive Mayer Multiple peaks, consistent with market maturation and declining volatility cycle over cycle.
Expert notes
The Mayer Multiple's simplicity is both its strength and weakness. It does not distinguish a market 'catching up' to the 200 DMA from one speculatively diverging from it. The 2.4 threshold was retrospectively defined by Mayer's own simulation; over time, this threshold should structurally decline if volatility continues to decrease.
Common mistakes to avoid
Using the fixed 2.4 threshold without considering the declining peak trend is a common mistake. A Mayer Multiple of 2.0 today is far more significant than in 2013. Additionally, a Mayer Multiple < 1.0 does not automatically mean 'accumulation zone' - price can remain below the 200 DMA for months in a bear market.
Programmatic access
REST API
curl -sS \
'https://api.trinityinsights.io/api/v1/onchain/mayer-multiple/history?days=90' \
-H 'X-API-Key: $TRINITY_API_KEY'MCP server
{
"tool": "get_chart_value",
"metric_id": "mayer-multiple",
"timeframe": "1y"
}Required tier: free. See the pricing grid for the tier list and the MCP documentation for multi-client configuration.
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Institutional disclaimer
Trinity Insights is an educational and analytical tool. The metric above does not constitute investment advice. Trinity Insights is not a Crypto-Asset Service Provider (CASP) registered under MiCA Regulation (EU) 2023/1114. See the full disclaimer.