Mayer multiple — Bitcoin onchain, per block

A high value means the price is stretched far above its own average of the last two hundred days; a low value means it has fallen well below it. It is the simplest thing on the cycle dashboard and it has marked every top and bottom in the window.

DefinitionPrice / the 200-day mean price, over priced blocks only. Admitted to the cycle ribbon 2026-08-05; its highest correlation with any other row is 0.88, against SOPR.

LimitThere is no chain data in this, only price against its own past, so it agrees with a top after the fact and never explains one. A 200-day mean also has no theory behind it; it is a convention that happens to have worked.

Unitratio

Also filed under

Cycle timing Is this cycle early or late on the clock, rather than on valuation?
Cycle position Where in the cycle are we, on the fifteen indicators the dashboard ranks?
111-day mean price the fast half of the Pi Cycle top signal
2 x 350-day mean price the slow half of the Pi Cycle top signal
Price vs all-time high how close the price is to its record
Pi Cycle ratio distance to the Pi Cycle top signal
RHODL ratio young money against year-old money
Reserve risk price against the conviction of long-term holders
Puell multiple miner income against its own yearly average
Blocks since the halving where we are in the four-year issuance clock

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