I'm seeing here that Bitcoin's Mayer multiple has dropped significantly, reaching 0.65 in early February. For those who don't know, this Mayer indicator is like a thermometer for BTC - it compares the current price with the 200-day moving average to signal whether it's too expensive or too cheap.

The creator of the indicator, Trace Mayer, has always considered below 2.4 as an interesting buy zone. But here's the thing: an extremely low level in the Mayer multiple doesn't mean we've already hit the bottom, you know? Remember 2022? The indicator dropped to 0.47 back then, but BTC plummeted another 58% in the following four months. In other words, there was still quite a bit of decline ahead.

Looking at the technical signals now, the RSI suggests that Bitcoin could still go down further. In extreme scenarios, some analysts talk about a possible test of $40,000. That means even with the Mayer multiple at low levels, we might still see the 200-week moving average being tested again. The market is pretty unpredictable, after all.