Analyst says BTC could hit $180K before becoming overbought

Bitcoin (BTC) has the potential to rise to $180,000 before its market is considered overbought, according to an analysis cited by Cointelegraph. Frank Fetter, a quant analyst, noted that the Mayer Multiple index is currently at 1.16, which is closer to an oversold state at 0.8 than an overbought one at 2.4. For the indicator to signal an overbought condition, BTC would need to reach $180,000, he said. The Mayer Multiple compares BTC's current price to its 200-day moving average, with a reading below 2.4 typically viewed as a buy signal. However, the outlet added that in the short term, increased price volatility could lead to a potential 10% drop, possibly pushing BTC below $114,000.