Bitcoin Mayer Multiple Deems Market Undervalued Despite All-Time Highs: Analysts Eye October 2025 Peak

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Analysis of Bitcoin’s classic Mayer Multiple metric suggests the cryptocurrency remains undervalued despite its price action nearing all-time highs, potentially setting the stage for a new upward price surge.

Key Points

• Bitcoin’s Mayer Multiple metric remains significantly below overbought thresholds despite price approaching record levels.
• Onchain analyst Axel Adler Jr. states the metric indicates Bitcoin is undervalued relative to historical bull market rallies.
• Analysts are increasingly predicting October 2025 as a potential target date for the next bear market.

On Tuesday, Axel Adler Jr. of CryptoQuant, an onchain analytics provider, asserted that analysis of the Bitcoin (BTC) Mayer Multiple reveals promising trends, indicating the price stays below traditional “overheated” market conditions.

According to Adler, the metric, which compares the current BTC price to its 200-day simple moving average and evaluates it against previous market cycles, holds Bitcoin in its neutral zone and “is significantly below overbought thresholds (1.5x)”.

“Today’s Mayer Multiple indicates that Bitcoin is trading at a discount to its historical bull rallies and is rather undervalued than overvalued – a good fuel reserve for a new upward impulse.”

Current readings indicate the Mayer Multiple sits at around 1.1x. The Metric is considered neutral between 0.8x and below/between 0.8x and 1.5x. Levels above 1.5x typically precede corrections.

While noting the Mayer Multiple isn’t a definitive buy/sell signal, Adler emphasized the broader context provided by various on-chain metrics. On Tuesday, CoinGlass reported that a comprehensive list of 30 “bull market peak” indicators also continues to signal investors to maintain a “hold” position.

Bull Market Peak Timing Remains Uncertain

Though the Mayer Multiple suggests caution, the timing of a potential bear market tops differs among analysts.

“If Bitcoin is going to peak in its Bull Market in September/October 2025 as per historical Halving cycles… That’s only 2-3 months away.”

Analyst Rekt Capital amplified the historical October 2025 hypothesis in recent posts, tying it to Bitcoin’s Halving cycle behavior. On July 8, trader Jelle further fueled debate by disclosing the initiation of profit-taking and aligning with an October 2025 cycle top possibility.

“Happy profit-taking day by the way – I just sold another 2% of the holdings. 💰
Still thinking we see a cycle top in October – and I’ll be out right around that time.”

In what appeared to be confirmation of this sentiment, analyst Cryptocon contended that “most data seems to favor that the cycle will be complete by the end of this year”.

“Most data seems to favor that the cycle will be complete by the end of this year. Let’s see what October brings! More waiting inbound…”