Bitcoin Mayer Multiple returns to July 2021 levels in fresh sign $37K BTC is a long-term buy

Bitcoin (BTC) has dipped enough for one of its best-known indicators to signal a rare long-term investment opportunity is here.

As of Feb. 22, the Mayer Multiple is sitting at its lowest level since Bitcoin bounced at $29,000 in July last year.

Mayer Multiple down 50% in 3 months

The latest in a series of metrics to echo the pit of the 2021 retracement on BTC/USD, the Mayer Multiple currently measures 0.76, having halved since November's $69,000 all-time high.

The Multiple measures Bitcoin's current price against its 200-day moving average. Its creator, Trace Mayer, believes that any reading below 2.4 offers an increasingly profitable trade for potential investors, and the lower the score, the more likely a long-term buy-in will turn out to be effective.

For context, the Multiple spends most of its time above 0.8 and has been higher than its current level 87% of the time since 2011.

The current dip on the metric did not go unnoticed, with various social media users drawing attention to it last week.

Another curiosity lies in November's latest peak. Despite all-time high prices, the Multiple only reached the area around its historical median of 1.42, making the $69,000 top unlike previous ones.

Where are the deposits?

As Cointelegraph reported this week, meanwhile, existing investors are overwhelmingly choosing to hodl their BTC.

Related: Bitcoin network activity down 30% from highs as ‘tepid’ demand mimics mid-2019

Those who purchased a year ago or before are growing in numbers, even as prices begin to dip below their position from the same time in 2021.

#Bitcoin $BTC Percent Supply Last Active 1+ Years just reached a 14-month high of 60.998%Previous 14-month high of 60.993% was observed on 21 February 2022View metric:https://t.co/1j255TMTVz pic.twitter.com/CLG26IZqK1

— glassnode alerts (@glassnodealerts) February 22, 2022

With precious little interest from retail investors, however, commentators argue that the current setup is one all but dictated by market makers.

"After peaking in May of last year, Taker Buy Volume (liquidity) is declining. For one year, the expected movement did not appear and liquidity decreased, New deposits continue to decline," Mignolet, a contributor to on-chain analytics firm CryptoQuant's Quicktake series, summarized Sunday.