![Bitcoin [BTC] Regression Model Suggests $4600 Low in 2019, Bullish Above $10000](https://globalresearchsyndicate.com/wp-content/uploads/2019/11/bitcoin-futures-e1557035495795.png)
Bitcoin has baffled many minds as an emerging asset class. The determination of the price of Bitcoin [BTC] doesn’t actually end with the supply and demand curve. Price discovery of BTC has been one of the biggest challenging issues due to round the clock trading, global presence, lack of complete trading data apart from ledger transactions, and it’s growing nature.
Analysts have applied a variety of techniques to find a chart or analysis that explains everything; a unified theory on Bitcoin price, as one could say. The Bitcoin On-Chain transaction volume and NVT analysis are credible unorthodox approaches that have more often than not described the true nature of things.
Also Read: Bitcoin 20% Dip is a Normal Market Correction Not Due to Manipulation- Weiss Ratings
Another Regression model on logarithmic graph attempted by Renato Shirkashi seems to be holding since the beginning as well, the non-linear regression model. The graph is plotted on a logarithmic scale w.r.t. time. As Bitcoin is a growing asset with the network effect, it seems to explain the price characteristics better.
Moreover, the chart held true during the bear market of 2014-2015. It also correctly predicted the bottom in time during this bear cycle.
What happens when we extend the graph?
The model suggests that the bottom for Bitcoin [BTC] might actually be in, as it seems unlikely the price would go below the orange line. Theoretically, a break around $4500-$5500 range is the worst possible situation. The lowest bottom level by the end of 2019 is around $6000. Furthermore, from the reference of peaks or resistance, during the year a bottom below $4600 seems highly unlikely.
Also Read: Bitcoin [BTC] Bulls and Bears Both Capitulate Due to High Volatility
Since this bear market was shortened by a lot in time, an accumulation between the mean and lower orange line can be expected.
Furthermore, the graph is plotted on a logarithmic chart, hence the room to the upside is even bigger in the short term as well. If Bitcoin prices move along the regression model mean or above it, $10000 can be achieved during this year.
Do you agree with the analysis or you find discrepancies in it? Please share your views with us.
Summary
![Bitcoin [BTC] Regression Model Suggests $4600 Low in 2019, Bullish Above $10000](https://cdn.coingape.com/wp-content/uploads/2019/03/29094401/bitcoin-futures-e1557035495795.png)
Article Name
Bitcoin [BTC] Regression Model Suggests $4600 Low in 2019, Bullish Above $10000
Description
The model suggests that the bottom for Bitcoin [BTC] might actually be in, as it seems unlikely the price would go below the orange line. Theoretically, a break around $4500-$5500 range is the worst possible situation. The lowest bottom level by the end of 2019 is around $6000.
Author
Nivesh Rustgi
Publisher Name
CoinGape
Publisher Logo
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
