Bitcoin's Mayer Multiple, an important onchain metric, is currently at 1.16, significantly below the 2.4 level typically seen at market peaks. This suggests substantial upside potential for Bitcoin, with some analysts projecting a possible rise to $180,000. The indicator's subdued level compared to past bull cycles indicates a more stable market environment. Crypto quant Frank A. Fetter highlighted that Bitcoin is at all-time highs while the Mayer Multiple remains low, suggesting further growth potential.