Mayer Multiple
Spot price divided by the 200-day moving average. The simplest cycle gauge — coined by Trace Mayer.
Cycle 5 · with zones
Current cycle since the 2024 halving — use the range buttons to zoom in.
halvinglens.com · mayer
Current reading
0.92x
Below trend
Deep value ·Below trend· Overheated
What it's telling us today
Mayer currently reads 0.92× — Below trend. Historically an accumulation range, where longer-term value has tended to build.
Why this matters
Historical tops cluster around 2.4–3.5×. Sub-1× has been a generational buy every time. Falls out of vogue, comes back every cycle.
Zones
- Deep value— → 0.80
- Below trend0.80 → 1.00
- Above trend1.00 → 1.50
- Hot1.50 → 2.40
- Overheated2.40 → —
4-cycle overlay
Mayer Multiple across every halving cycle
Aligned to day zero of each halving. The dashed line is today, day 772.
Cycle 2 — first halving
Cycle 3 — second halving
Cycle 4 — third halving
Cycle 5 — fourth halvingcurrent
halvinglens.com · mayer · overlay
Where each cycle sat at day 772
Cycle 2 — first halving
0.67x
Deep value
Deep value ·Deep value· Overheated
Cycle 3 — second halving
0.80x
Below trend
Deep value ·Below trend· Overheated
Cycle 4 — third halving
0.52x
Deep value
Deep value ·Deep value· Overheated
Today · cycle 5
0.92x
Deep value ·Below trend· Overheated