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

A crucial metric has also dropped to oversold territory, which has formed the bottom in previous cycles. 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 cu...