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Buying Bitcoin Today Is Like Buying It at $2, Says Analyst

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Depending on the scale you are looking at BTC, you can determine that the asset is either almost 50% away from its all-time high or it’s actually millions of percentages above its price observed a decade ago.

From a technical perspective, the current $65,000-$66,000 region could actually mean that there’s a massive opportunity on the table, at least according to popular analyst Crypto Rover.

… Like Buying at $2

The analyst outlined a specific chart to his 1.6 million followers on X that uses a long-term logarithmic regression curve to claim that the cryptocurrency’s price has followed a predictable upward trajectory for over a decade with little deviation. The green markers show historical touchpoints after which the asset went on a massive run as its price continued along the curve.

Some of the previous instances where it touched the lower level included $2 over a decade ago, $10, $200, $3,500, and, most recently, $16,000, during the bear cycle in 2022. Each of those was followed by tremendous rallies that led to subsequent all-time highs.

Rover’s chart now argues that BTC’s current range at $65,000-$66,000 means the asset has slipped into this same familiar territory, suggesting it’s a comparable ‘on-curve’ entry point rather than an overextended top. Consequently, he concluded that buying BTC now is “no different from buying it at $16,000, $3,500, $200, $10, or even $2,” implying similar long-term upside potential relative to the historical growth path.

What About the Bottom?

Debating whether BTC’s bottom is already in or not has been most analysts’ favorite topic in the past several months. Jelle also weighed in on the matter today, indicating that the asset is still working on it, with its price now “turning the previous local consolidation into support.” He predicted another leg up to fill a void left at $70,000 soon. However, that resistance level could become too strong for the rather minimal bullish sentiment now, he warned.

Michaël van de Poppe noted that the cryptocurrency has dipped into the “oversold territory on the Puell Multiple.” History shows that similar occasions in the past have led to the bottom formation “shortly after,” such as the bear cycles in 2015, 2018, 2020, and 2022.

The popular analyst prognozēts that this time it “won’t be different,” as BTC prepares for a more profound leg up. For now, though, its upside rallies have been halted at inception levels.

Amats Buying Bitcoin Today Is Like Buying It at $2, Says Analyst appeared first on CryptoPotato.

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