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Home Cryptocurrency news Bitcoin

The Greatest Shakeout: Bitcoin Reclaims Generational Log Curve With 160% Rally

Tony Spilotro by Tony Spilotro
9 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3min read
bitcoin growth curve shakeout
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The devastating day now known as Black Thursday took Bitcoin price down to $3,800. The sharp collapse also knocked the asset out of a logarithmic growth curve it had been following its entire history.

This latest, over 160% rally has now reclaimed that generational log curve, making it the greatest shake out the cryptocurrency market has ever witnessed.

Bitcoin Reclaims Log Growth Curve After Greatest Shakeout In Crypto History

Bitcoin price had been trading at over $10,000 in February, after an early rally in 2020. The stock market alongside it had set a new all-time high.

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But a spreading pandemic and its impact on the economy had other ideas for markets, causing a catastrophic collapse. The stock market suffered its worst quarter close on record as a result, and Bitcoin fell out of a logarithmic growth curve it traded within for over ten years.

Related Reading | Stimulus Checked: Here’s The ROI on a $1,200 Investment in Top Crypto Assets 

The drop out of the growth curve had even the most dedicated Bitcoin supporters wondering if it could actually go to zero. Oil prices falling into negative territory alongside Bitcoin’s demise only further fueled these fears.

However, markets have been recovering thanks to stimulus checks handed out by the US government. The economy is reopening, and the pandemic is slowing.

Bitcoin has now rallied over 160% from its recent bottom and has reclaimed the log curve, leaving the greatest shake out in crypto history on Bitcoin price charts.

bitcoin price chart logarithmic growth curve

Possible Price Targets Based on Logarithmic Growth Curve

Bitcoin is trading back withing the all-important logarithmic growth curve. It can once again be used with some confidence for upside price targets and finding the next potential peak.

Upside targets can be established by targeting the upper band. Selecting key dates that may act as logical tops for Bitcoin, can provide sensible and realistic price levels.

There is a tendency for Bitcoin to reach set its tops and bottoms in December, so December 2020, 2021, and 2022 have each been selected.

bitcoin price chart logarithmic growth curve

Potential top levels put Bitcoin price reasonably at $88,000, $130,000 and $160,000 respectively. As time goes by, the potential growth slows and volatility within the curve declines.

Related Reading | One Week Away: Comparing Past Pre-Halving Bitcoin Price Action 

Each time the crypto asset passes through the median line, it has set a new all-time high price record. Falling through it has resulted in a bear market. In the example above, it failed to break through the median in June 2019.

Each new bull market has been the result of Bitcoin’s halving, which is just three days away. Now that the shakeout is over, Bitcoin has reclaimed the log curve, and the halving is here, the next bull market may finally be next.

Featured image from Pixabay, Charts by TradingView

 

Tags: bitcoinbtcbtcusdcryptoLogarithmic growth curve
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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