Bitcoin is viewed as undervalued despite nearing all-time highs, according to new analysis of the Mayer Multiple, a metric comparing Bitcoin's price to its 200-day moving average. Axel Adler Jr., a contributor to CryptoQuant, noted that the Mayer Multiple stands at 1.1x, within a neutral range and significantly below the 1.5x overbought threshold. This indicates that Bitcoin could experience a 'new upward impulse'. Although the current uptrend is strong, analysts suggest a potential price peak could occur in October 2025, coinciding with historical Halving cycles. The sentiment among traders supports this timeframe, with discussions around possible profit-taking already beginning. Most on-chain metrics have yet to signal a bull market top, suggesting that the cycle may conclude by the end of this year. The analysis emphasizes that existing indicators do not yet show signs of an overheated market, indicating further potential for Bitcoin's price action.

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