Price ÷ 200-day MA — Price ÷ 200-day moving average
Mayer Multiple is a Bitcoin valuation indicator: Price ÷ 200-day MA. It compares market conditions with a long-term benchmark, network activity or available liquidity.
Above ~2.4 the market has usually been overheated; below ~0.8, washed out. Around 1, price is simply hugging its long-term trend.
A valuation metric can stay elevated or depressed for months. Confirm it with price, holder behaviour and liquidity rather than treating it as a timing tool.