Bitcoin News: Mayer Multiple Suggests Bitcoin Could Reach $181,000 Before Becoming Overbought

Bitcoin's potential to reach $181,000 is being highlighted by the Mayer Multiple, an indicator that compares Bitcoin's spot price to its 200-day moving average (MA). Currently, the Mayer Multiple stands at 1.37, indicating that Bitcoin is trading above its 200-day MA, a key metric for assessing long-term market trends. This suggests that Bitcoin has not yet entered overbought territory, leaving room for further growth.

Bitcoin To $181,000? Mayer Multiple Reveals When BTC Will Become ‘Overbought’

Bitcoin has still not become overbought according to the Mayer Multiple. The Mayer Multiple is an indicator that tracks the ratio between Bitcoin's spot price and its 200-day moving average (MA). Currently, the Mayer Multiple has a value of 1.37, indicating that Bitcoin is trading above its 200-day MA. The 200-day MA is a widely recognized tool for gauging macro bull or bear bias. For Bitcoin to enter overbought territory, it would need to breach a specific level, which is not yet reached.

Unpopular Opinion: Is Altcoin Season Off the Table This Bull Cycle?

During every market cycle in which BTC’s price paints a new all-time high and breaks into uncharted territory, analysts start to speculate about the upcoming run for altcoins, which is named altseason. With Bitcoin already trading above $100,000 for the first time ever, many industry experts have used the opportunity in previous months to outline their respective reasons for when such an altseason will occur. Now, though, a popular analyst with nearly 120,000 followers on X indicated that there might not be such a period during the ongoing cycle. The analyst argues that the market has changed significantly, with over 36.4 million altcoins available today compared to fewer than 3,000 during the 2017-2018 alt season and even fewer than 500 in 2013-2014. This massive supply has altered the dynamics of the market, potentially making a traditional altseason less likely.

$3K Bitcoin Price Drop: What Level It Must Hold to Stay Bullish

Bitcoin’s price has lost its momentum and has retraced by several grand in the past day or so, but it’s still above a key support level. Ali Martinez, the popular crypto analyst with almost 120,000 followers on X, noted that the bull run is still intact as long as the cryptocurrency remains above $98,000. The primary cryptocurrency experienced massive volatility at the start of the week, as it plunged by over $6,000 on Monday morning to under $100,000 before it exploded out of the gate to a new all-time high above $109,000. This all transpired ahead of Donald Trump’s inauguration, and when that arrived, BTC slumped, as he had failed to mention the industry even once. Nevertheless, the $100,000 support held and Bitcoin bounced off toward $107,000. However, the bears stopped the asset’s ascent at that point and pushed.

Bitcoin’s Latest ATH: Is The Top Finally In Or Just Getting Started?

Bitcoin has recently achieved consistent all-time highs, with its latest peak above $109,000, marking a significant year-over-year increase. CryptoQuant analyst Gaah has analyzed Bitcoin's position in the market cycle using the Index of Bitcoin Cycle Indicators (IBCI), which includes metrics like the Puell Multiple, MVRV, NUPL, and SOPR. The IBCI has entered the 'distribution region' for the first time in eight months, suggesting caution as Bitcoin might be nearing a market top, although this does not confirm a peak yet.

MicroStrategy May Face Tax Issues Over $19 Billion Unrealized Bitcoin Gains: Report

According to a report by The Wall Street Journal, business intelligence firm MicroStrategy may face significant tax liabilities on its unrealized Bitcoin (BTC) gains, valued at $19 billion. MicroStrategy, notably the world’s largest corporate BTC holder, currently holds more than 430,000 BTC on its balance sheet. As of now, MicroStrategy’s total Bitcoin holdings are worth over $47 billion, with $19 billion in unrealized gains. Over the years, the US-based company has raised funds through stock and debt offerings to finance its BTC purchases. While MicroStrategy has not sold any Bitcoin to date, it may still be required to pay billions in taxes on its holdings due to the Corporate Alternative Minimum Tax (CAMT) provision under the Inflation Reduction Act.