It has not been all rosy prior to now week, however the digital asset market has reacted fairly well to the beginning of Donald Trump’s latest administration. Specifically, the Bitcoin price has been capable of weather the uncertain storm clouding the cryptocurrency market over the past few days.

While the premier cryptocurrency may need slowed down in recent days, the most recent on-chain remark shows that BTC is prone to proceed its upward movement. Here’s how the token price could be gearing for an additional leg up over the approaching weeks.

Is There Room For Further BTC Price Growth?

In a Jan. 24 post on the X platform, market intelligence firm Glassnode explained that the Bitcoin price is just not yet overheating and still has the potential for further growth over the following few weeks. This on-chain revelation is predicated on the Mayer Multiple indicator, which is calculated because the ratio between as asset price and the 200-day moving average (200DMA).

The Mayer Multiple measures the space of the Bitcoin price from its long-term average to estimate overbought and oversold conditions. This metric can also be used to ascertain macro bull or bear bias when analyzing cyclical price movements.

Historically, the Mayer Multiple signals an overbought market condition and a possible price top when its value is above 2.4. Then again, a Mayer Multiple value below 0.8 suggests an oversold condition and that a market bottom could be in.

Source: Glassnode

In response to data from Glassnode, the worth of Bitcoin’s Mayer Multiple stands at 1.37, indicating that the premier cryptocurrency continues to be quite a distance from the overbought territory. This piece of knowledge implies that BTC still has room for further growth on this cycle. Furthermore, the Bitcoin price is a minimum of 35% above the 200-day moving average, which is a bullish signal.

Glassnode highlighted that the worth of Bitcoin would want to surge above $180,000 to grow to be overbought. This price level represents the potential peak for the flagship cryptocurrency on this current cycle and could possibly be followed by a trend reversal. With the oversold threshold at 0.8, the Mayer Multiple places the Bitcoin price bottom at around $60,000.

The Bitcoin price has not been particularly impressive since surpassing the $100,000 mark, resulting in shouts of a price top out there. This indicator somewhat provides insight into the potential path of the premier cryptocurrency over the following few months.

Bitcoin Price At A Glance

As of this writing, the price of Bitcoin sits just under $105,000, reflecting no significant movement prior to now day.

The worth of BTC on the each day timeframe | Source: BTCUSDT chart on TradingView