While uploading new readings from his price forecasting tool, the ‘Mayer Multiple,’ the serial commentator and bitcoin proponent aforesaid that the present ongoing trajectory is ought to favour an end-of-year bitcoin worth of around $21,000 USD.
The Mayer Multiple is a calculation achieved by dividing the present price of Bitcoin by its 200-day moving average. Presently at 2.09, the metric has solely seen higher readings 14.79% of the time, that simply means that a huge leap to $40,000 USD, specifically, is unwarranted.
“…Very low expectations of $40k within a few months,” Mayer added.
As ‘reported‘ earlier, Bitcoin succeeded in climbing back to its $10,000 USD price bench mark earlier this week, solely to go even beyond $11,000 USD within just 24 hours.
The performance buoyed analysts, several of whom thought-about $10,000 USD to be a watershed moment. Investors waiting on the sidelines, they argued, would get on board once the 5 figures values were reached, triggering a snowball upward price result.
At the reporting time, markets were however seeming to take a little break from the optimistic movement, with bitcoin presently trading at price around ‘$10,875.54 USD‘, which is around 2.14% higher than yesterday.
For the remaining year and beyond, however, the Mayer Multiple considers moves above $15,000 USD, $21,000 USD then $30,500 USD to be expected. The 1st of these would withal be ‘overvalued’ expected to hit by Sep, but thereforth, bitcoin would realize its price niche.