Definition. The Mayer Multiple — spot price divided by its 200-day simple moving average — plotted against four fixed thresholds that have historically bracketed Bitcoin market extremes, with the two principal thresholds also projected onto the price axis as a cycle top and bottom pricing model.

Technical. Computed as price / sma(price, 200). Shaded bands mark readings above 2.4 and above 3.0 on the upside, and below 0.8 and below 0.6 on the downside. The 200-day moving average itself is plotted alongside price, together with its 0.8 x (green) and 2.4 x (red) multiples — the same two thresholds expressed in price terms rather than as a ratio.

Interpretation. Values above 2.4 indicate price has extended far beyond its yearly trend, a condition clustered around late-stage bull markets, with the 3.0 band marking the rarer and more extreme case. Sustained readings below 0.8 indicate price trading at a deep discount to trend, characteristic of bear market lows, with 0.6 marking capitulation territory. Read on the price axis instead, the 0.8 x and 2.4 x lines form a slow-moving band around trend: the bulk of trading history sits between them, so both edges are rare-regime markers rather than frequent signals.

Notes. Coined by Trace Mayer; see The Bitcoin Mayer Multiple. The 200-day moving average is among the most widely watched trend references in both on-chain and traditional technical analysis, which lends these levels a degree of reflexivity. A multi-asset version of the same construction is charted in Mayer Multiple.