Bitcoin Logarithmic Growth Curve: 29k$ as a potential bottom
Logarithmic analysis is a statistical approach that uses historical data to forecast and predict future prices. In this case, the Logarithmic growth curve takes all the historical price data of Bitcoin and uses log growth analysis to develop curves that project a potential path of future price growth.
Historically, we have seen Bitcoin price tends to bounce between the upper and lower bounds of the logarithmic growth curve. The reason for this is that Bitcoin moves through market cycles. It is worth noting that price does not have to stay inside the curves. In fact we can see an example of where it briefly did not during the March 2020 covid crash, before then price corrected and came back into the log growth curves.
Assuming Bitcoin continues to be adopted over time this chart, there is a potential bottom at the lower boundary around 29k$.
Historically, we have seen Bitcoin price tends to bounce between the upper and lower bounds of the logarithmic growth curve. The reason for this is that Bitcoin moves through market cycles. It is worth noting that price does not have to stay inside the curves. In fact we can see an example of where it briefly did not during the March 2020 covid crash, before then price corrected and came back into the log growth curves.
Assuming Bitcoin continues to be adopted over time this chart, there is a potential bottom at the lower boundary around 29k$.
Trade active:
BTC bounced one time from 29k$ but after that we made a new low with a recurring pattern "undercut & rallye" going down till around 25k$ before to go back up to 30k$.
Comment:
BTC price corrected till previous high at around 19k$ from December 2017 and currently accumulating for the next bull run.
