Bitcoin's "Mayer Multiple" indicator has fallen to 2022 levels, suggesting the market may be approaching a deep bear market correction.

PANews reported on February 10th that, according to Cointelegraph, on-chain data shows that as of February 9th, the Bitcoin "Mayer Multiple" indicator had fallen to 0.65, below the "oversold" level of 0.8, the first time this has occurred since May 2022. This indicator provides buy and sell signals by comparing the current Bitcoin price with the 200-day moving average. Its creator, Trace Mayer, previously considered a level below 2.4 as a "buy" zone. However, extreme lows do not always indicate a price bottom. In mid-2022, this indicator fell to 0.47, but BTC subsequently dropped by approximately 58% over the next four months. This means that the current BTC/USD may still retest the 200-week moving average. Furthermore, the Relative Strength Index (RSI) suggests that Bitcoin may fall further, potentially even dipping to the $40,000 range in extreme cases.