The ratio of the current price to its 200-day average (the long-term trend). Above 1, price is richer than that average; below, cheaper. Worth knowing: over long periods this ratio hovers around 1.4-1.5, not 1.
Think of a rubber band: price stretches away from its 200-day average then tends to snap back, slowly and with no guarantee. Below 1, BTC trades at a discount to its trend (past accumulation zones); near 0.5 you touch bear-market bottoms. Common misconception to correct: 2.4 is NOT a top signal. Originally (Trace Mayer) it was a buy threshold below which accumulating had performed well; actual cycle tops went far beyond it. Above 2.4 = overheating, never a certainty of a cycle end. Read it as context, never in isolation.
| < 0.5 | far below the 200d average: major bear-market lows (rare) |
| 0.5 – 0.8 | well below the average: marked discount, historical accumulation (not a guaranteed floor) |
| 0.8 – 1 | slightly below the long-term trend |
| 1 – 1.5 | around the ratio's historical average: normal uptrend |
| 1.5 – 2.4 | well above: overheating, historical caution |
| > 2.4 | far above: overvaluation / heightened risk (past tops often exceeded this level) |
Descriptive historical markers, not decision thresholds.
See Mayer Multiple live on the platform →