Bitcoin may be hovering around $84,800, but if you’re using long-term valuation metrics to assess market maturity, this isn’t climax — it’s structure formation.

Two of the most reliable trend-following tools — the Mayer Multiple and 2-Year Moving Average Multiplier — are showing a market that’s active, directional, and healthy. But nowhere near euphoric.

Let’s break down what they’re actually saying — and why the top isn’t even close.