December 5, 2022

Copy-paste | Bitcoin: the bottom is close, analyst says

Long-term technical charts for bitcoin suggest that the bottom is already close, and soon cryptocurrency can launch a new phase of growth.

A popular analyst in the cryptocurrency community andTrader @davthewave recently announced that Bitcoin is approaching the buy zone. In his analysis, the crypto enthusiast relied on the dynamics of a logarithmic growth curve. This curve can be tracked since the launch of bitcoin in 2011.

Let's take a closer look at it and try to analyze the dynamics of cryptocurrency from this point of view.

Copy-paste | Bitcoin: the bottom is close, analyst says
dave the [email protected]

Very near the buy zone of the logarithmic growth curve.

Copy-paste | Bitcoin: the bottom is close, analyst says
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Bitcoin Logarithmic Curve

The growth curve is plotted using curved lines.trend and connects the highs and lows marked by price. She was tested several times and passed it. For all the time of its existence, the Bitcoin exchange rate has never been traded beyond its borders.

Also attracting attention is the dynamics of the movingmedium (MA). In 2015, the bearish intersection of the 50- and 100-week MAs was a harbinger of a fall in price to the support line. Then the same MAs formed a bull cross on the chart, which preceded the launch of the next bull market.

Since 2018, moving averages have been behaving in a similar way. Bullish crossing seems likely in the very near future.

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