RATE Group | Analyst: Logarithmic Chart Shows Bitcoin is on Track, $50,000 by 2021
44208
post-template-default,single,single-post,postid-44208,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Analyst: Logarithmic Chart Shows Bitcoin is on Track, $50,000 by 2021

02 Oct Analyst: Logarithmic Chart Shows Bitcoin is on Track, $50,000 by 2021

Posted at 03:10h in Bitcoin News by

[ad_1]

Analyst: Logarithmic Chart Shows Bitcoin is on Track, $50,000 by 2021

Prominent Bitcoin and cryptocurrency analyst Willy Woo recently shared a logarithmic price chart of Bitcoin created by technical analyst known as Awe and Wonder that suggests the dominant cryptocurrency is on track towards gradual recovery.

The chart, which dates back to 2010, evaluates the logarithmic regression of Bitcoin, covering three 80 percent corrections the asset experienced in the past eight years.

“Estimated BTC bottom via Logarithmic Regression analysis (below) to compliment Willy Woo’s own analysis, asserting that “$4,400 is the next real line of defense,” Awe and Wonder explained, adding, “the default assumption, takes on the meaning that nothing has changed and that this time is in fact no different. For this model, the default assumption is that the market will bottom at an equivalent deviation from the log trend line as it has in the past.

$4,400 Support Level Doesn’t Mean Bitcoin Will Test it

The price trend of an asset or currency is unpredictable and…

[ad_2]

Source link

Tags:
, , , , , , ,