Bitcoin ‘Ice Cold’ at Record Highs, Indicator Signals Room to Run to $180K

Bitcoin may be sitting at record highs, but a key long-term price gauge suggests the world’s largest cryptocurrency still has plenty of room to climb.

According to the Mayer Multiple, a popular onchain indicator tracking the ratio of Bitcoin’s price to its 200-week moving average, BTC remains far from “overheated.”

The latest readings place the Multiple at just 1.16, well below the 2.4 level that has historically signaled market tops.

Analyst Says Bitcoin Still Has Room to Run

“Bitcoin is at all-time highs and the Mayer Multiple is ice cold,” said crypto quant analyst Frank A. Fetter on X this week, referencing data from analytics site Checkonchain.

Fetter noted that for the indicator to flash “overbought” conditions, Bitcoin would need to rise to around $180,000, implying significant upside potential.

The Mayer Multiple has long served as a temperature check for Bitcoin’s broader market cycles. During previous peaks, such as in 2017 and 2021, the indicator soared well above 2.4, reflecting speculative fervor and signaling overheated conditions.

Bitcoin is at all-time highs and the Mayer Multiple is ice cold. I like the setup. $BTC pic.twitter.com/I5pNkydV2l

— Frank (@FrankAFetter) October 9, 2025

This cycle, however, has been markedly cooler. The Multiple’s highest reading so far was 1.84 in March 2024, when Bitcoin traded near $72,000, according to data from Glassnode.

Analysts suggest this muted reading reflects a healthier and more sustained bull market.

In July, crypto researcher Axel Adler Jr. described readings near 1.1 as “a good fuel reserve for a new upward impulse,” echoing the idea that Bitcoin’s price still has headroom before reaching historically frothy territory.

Despite the bullish outlook from onchain data, traders remain divided on timing. Some analysts warn that if Bitcoin fails to break out decisively before year-end, the broader bull cycle could lose momentum.

Others expect continued volatility through October, traditionally one of Bitcoin’s strongest months, with potential retracements to $114,000 before any move higher.

Even so, with the Mayer Multiple signaling plenty of “fuel in the tank,” many see Bitcoin’s long-term trajectory still pointing north, potentially toward the $180,000 mark.

Analyst Warns Bitcoin Faces Decisive 100-Day Window

Bitcoin may be nearing a critical turning point, according to trader Tony “The Bull” Severino, who believes the next 100 days could determine whether the cryptocurrency enters a parabolic rally or ends its current bull cycle.

Severino pointed to the Bollinger Bands indicator on Bitcoin’s weekly chart, which has tightened to levels unseen before, often a precursor to sharp price moves in either direction.

Severino cautioned that “head fakes,” or false breakouts, are common during such setups. He noted Bitcoin recently failed to break above the upper band with strength after briefly touching $126,000, suggesting a potential dip before any sustained rally.

Currently, BTC trades around $122,700, hovering below its record highs as volatility compresses further.

While some analysts fear a looming breakdown, others argue that Bitcoin’s cycles are getting longer, hinting at more room for growth.