The Bitcoin Mayer Multiple dropped to about 0.65, a level last seen in May 2022, indicating BTC is trading roughly 40% below its 200‑day moving average. On-chain analysts (On-Chain College, Glassnode, CryptosRus, On-Chain Mind, Charles Edwards) say such readings often coincide with deep bear-market capitulation and historically strong long-term buying opportunities, but they do not always mark immediate bottoms. Forecasters say BTC could retest the 200‑week MA near $58,000 (~15% below current levels) and, in an extreme repeat of 2022, fall toward the ~$40,000 zone (~30% lower). The article cautions bottoms can take months to form and is not investment advice.

Mayer Multiple at ~0.65 and BTC ~40% below the 200‑day MA are factual indicators of deep bear-market readings; analysts link these readings to capitulation and long-term buying opportunities but note they don’t guarantee immediate bottoms. Analysts' concrete downside scenarios: 200‑week MA near $58,000 (~15% lower) and an extreme ~$40,000 (~30% lower). These specific measurements justify a negative short-term sentiment and a moderate market-impact rating.