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Now it is critical for bitcoin (BTC) to hold the $16,000 level. If this does not happen, the price of the main cryptocurrency may update the multi-year low.
Dave the Wave is a famous cryptoanalyst, whose “twitter” is followed by more than 130 thousand users. Yesterday he published in his microblog an updated model of the logarithmic growth curve (LGC) of bitcoin.
According to his charts, bitcoin today is exactly on the lower end of the long-term logarithmic curve, which has historically acted as support. BTC has already had price action below this curve in its history, such as in the bear market of 2015 or during the COVID-19 collapse in March 2020.
In past cycles, however, such declines have not lasted long, and bitcoin has quickly regained its long-term support. This usually signaled the end of a bear market and the beginning of a new bull market.
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