We present a calculation of π 0 photoproduction on the proton in manifestly Lorentz-invariant baryon chiral perturbation theory up to and including chiral order q 4 . With the results we analyze the latest π 0 photoproduction data in the threshold region obtained at the Mainz Microtron. In the calculation of observables and the fit of the low-energy constants, we take S, P , and D waves into account. We compare the results for the multipoles with the corresponding single-energy analysis. Furthermore, we also fit the O(q 4 ) heavy-baryon chiral perturbation theory calculation and compare both results. We provide predictions for several polarization observables for future experiments. Finally, we discuss the β parameter of the unitarity cusp which is related to the breaking of isospin symmetry.