Bitcoin is still at the very beginning of the growth cycle

The data of an indicator called the "Mayer multiplier" says thatBitcoin Has a Lot of "Space"to continue the current rally, even despite reaching prices close to the historical high of about $20,000, which was set three years ago. Coindesk analyst Omkar Godbole points this out.

When prices rise 80% to levels above $ 18,000 perOver the past six weeks, the Mayer multiple (the ratio of price to 200-day moving average) has climbed to a 16-month high of 1.67. This indicator is far from the 2.4 level, which historically signaled the final stage of the bull market.

The indicator was at similar values ​​duringtime of the second reduction in Bitcoin mining reward (halving) in July 2016. Then Bitcoin was trading at $ 650, and in December 2017 it peaked at about $ 20,000.

On December 1, 2017, the ratio rose above 2.4, after which bitcoin doubled in value in just two weeks. A similar price movement was observed in April and November 2013 after the indicator exceeded the 2.4 level. Bitcoin also reached $ 13,880 at the end of June 2019 with a level above 2.4.

Since the Mayer indicator is currently fluctuating at 1.67, it can be assumed thatbitcoin is in the early stages of a bull marketand there is plenty of room for it to continue to rally from the March low of $ 3867.

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While the meteoric rise from $10,000 is similar to the jump in price from $6,000 to $20,000 in November-December 2017, this time it seemsinstitutional investors are the main driving forcewhile retail investors were the main participants in the 2017 rally.

Google Trends service, which is used fordetermining retail investor interest currently returns a value of 13 for the search query “bitcoin price,” which is significantly lower than the value of 93 in early December 2017.

This is a likely sign thatFOMO hasn't taken over the market yet.... Retail investors are usually the last to join the rally, and their active participation is considered a sign that the asset's price is nearing the top.

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