Why has Bitcoin's price been so weak for the past few months?
This data may give us an insight.
Let me know what you think.
▶️ 3Speak
Bitcoin is in Trouble Until THIS Changes
Comments · 3
The fear is there for some people who has invested on it but I believe the red market won't last long.
Long-term the logarithmic trendline is still 100% intact.
Bitcoin Doubling Curve
2013 2014 2015 2016 2017 $100 $200 $400 $800 $1600 2018 2019 2020 2021 2022 $3200 $6400 $12800 $25600 $51200
Current value of Bitcoin: $27k
2022 Bitcoin Doubling Curve
Jan Feb Mar April May June $27733 $29867 $32,000 $34133 $36267 $38400 July Aug Sept Oct Nov Dec $40533 $42667 $44800 $46933 $49067 $51200
New players don't want to enter BTC at these prices because it's deflationary.
The trendline for Bitcoin is painfully obvious. It's just a straight line when we chart it on a logarithmic scale.
Given this painfully obvious trend, why would ANYONE buy at the idiot price?
For me the question is not why BTC is crashing back to the doubling curve, it's why did it get so bubbled in the first place given this information? We already know why. Both the Summer 2019 run and the Q4 2020 run was fueled by speculation revolving around institutional adoption and greed.
You make a great point:
Clearly it is not the supply side that is in trouble. It's very clearly the demand side, which is quite interesting.
Why is demand low? Because the price is too high. That is all. Doubling every year is a miracle. I don't see a problem here: doubling price and adoption rate will take over the world in ten years. $1 Quadrillion dollar market cap incoming in ten years at this rate.
