2-Year MA multiplier

Three lines on a logarithmic price axis: the white line is bitcoin's closing price, the green line its 2-year moving average and the red line five times that average. Where the price fell below the green line the chart shades the gap green and letters it BUY; where it rose above the red line it shades the gap red and letters it SELL. The words are the original chart's names for those zones; the chart shows where the price was, not what to do.

Hovering any day shows the close, which zone it was in — below the 2-year average, above five times it, or between the bands — and both lines' values. The readout above gives today's.

The chips cut the chart to the last one, two, four or eight years, or to this halving cycle or the last two. Dashed verticals mark the halvings, and each line can be switched off in the legend.

The 2-year average is the mean of the last 730 daily closes, and the red line is that average times five. Perly computes both from its own daily record. For the last four years the chart draws every day; before that it draws one day a week with each week's highest and lowest close beside it, so no top is drawn lower than it was.

Philip Swift introduced the 2-Year MA Multiplier on LookIntoBitcoin as a tool for long-term investors, and he is credited under the chart: the two lines frame the range the price has spent most of its history in. The factor of five is a convention of the chart, not a quantity derived from the market.

The tops of 2013 and 2017 went far past the red line. The top of 2021 did not reach it: at the November 2021 high the price stood under three times its 2-year average. Every cycle low in the table fell below the green line. The lines are a frame for the record, not a rule the next cycle has to keep.