{"id":644344,"date":"2024-09-25T10:00:17","date_gmt":"2024-09-25T10:00:17","guid":{"rendered":"https:\/\/www.wncen.com\/?p=644344"},"modified":"2024-09-25T04:34:36","modified_gmt":"2024-09-25T04:34:36","slug":"bitcoin-top-400000-based-this-model-analyst-says","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-top-400000-based-this-model-analyst-says\/","title":{"rendered":"Bitcoin Could Top At $400,000 Based On This Model, Analyst Says"},"content":{"rendered":"<p>An analyst has explained how the next Bitcoin top could be situated around $400,000, if this model for the asset&#8217;s price continues to hold.<\/p>\n<h2>Bitcoin Long-Term Power Law Could Reveal Possible Location Of Next Top<\/h2>\n<p>In a new <a href=\"https:\/\/x.com\/ali_charts\/status\/82779464\" target=\"_blank\" rel=\"noopener nofollow\">post<\/a> on X, analyst Ali Martinez has talked about what the Long-Term Power Law could say about the next potential Bitcoin top. The &#8220;Long-Term Power Law&#8221; here refers to a BTC price model created by <a href=\"https:\/\/charts.bitbo.io\/long-term-power-law\/\" target=\"_blank\" rel=\"noopener nofollow\">Bitbo<\/a>.<\/p>\n<p>The model involves three lines, the main one\u00a0<span style=\"margin: 0px;padding: 0px\">being the &#8220;<a href=\"https:\/\/www.wncen.com\/news\/power-law-tracking-bitcoins-growth-to-100k-and-beyond\/\" target=\"_blank\" rel=\"noopener \">power law,<\/a>&#8221; which is <\/span>derived by taking a linear regression of the historical BTC price. &#8220;This power law is just a straight line to represent the correlation between Bitcoin\u2019s price and time,&#8221; notes Bitbo in the model&#8217;s description.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/bitcoin-news\/bitcoin-mvrv-ratio-critical-retest-bulls-triumph\/\" target=\"_blank\" rel=\"noopener \">Bitcoin MVRV Ratio Is At A Critical Retest: Can Bulls Triumph?<\/a><\/div>\n<p>The other two lines of the model are just replicas of the power law, with the only difference being how they are arranged on the chart. One of these lines is placed under the power law just enough that BTC&#8217;s historical price either stays above it or touches it.<\/p>\n<p>This level of the model is called the support line. Similarly, the other line sets an upper boundary on the cryptocurrency&#8217;s price and is known as the resistance level.<\/p>\n<p>Now, here is a chart that shows the trend in the Bitcoin Long-Term Power Law over the history of the asset:<\/p>\n<figure style=\"width: 2558px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GYJ6l-kXoAAOidI?format=jpg&amp;name=4096x4096\" alt=\"Bitcoin Long-Term Power Law\" width=\"2558\" height=\"1302\"><figcaption class=\"wp-caption-text\">Looks like BTC is below two of the lines at the moment | Source:<a href=\"https:\/\/x.com\/ali_charts\/status\/82779464\/photo\/1\" target=\"_blank\" rel=\"noopener nofollow\"> @ali_charts on X<\/a><\/figcaption><\/figure>\n<p>As is visible in the graph, Bitcoin&#8217;s spot price is currently being traded under the power law. The asset retested the line earlier in the year when it set its new<a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/new-bitcoin-all-time-high-heres-when-if-history-repeats\/\" target=\"_blank\" rel=\"noopener \"> all-time high (ATH)<\/a> but couldn&#8217;t find a break. Despite the recent bearish action, though, BTC still has some distance over the support line of the model.<\/p>\n<p>The graph shows that Bitcoin set three of its major tops around the resistance line.\u00a0<span style=\"margin: 0px;padding: 0px\">However, the\u00a0<a href=\"https:\/\/www.wncen.com\/news\/bitcoin-capital-inflows-2021-bull-run-momentum\/\" target=\"_blank\" rel=\"noopener \">2021 bull run<\/a> top<\/span> occurred before the asset could reach the level. Thus, it&#8217;s unknown whether or not the current BTC cycle will follow the lead of the earlier three.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/altcoin\/altcoin-season-two-signals-could-suggest-so\/\" target=\"_blank\" rel=\"noopener \">Is Altcoin Season Coming? These Two Signals Could Suggest So<\/a><\/div>\n<p>&#8220;If the Bitcoin Long-Term Power Law holds, the next market top might hit around $400,000!&#8221; notes Martinez, based on the fact that the resistance level would assume a value around that mark next year.<\/p>\n<p>As for when exactly BTC could hit its next cyclical top, the analyst has also discussed it in another X<a href=\"https:\/\/x.com\/ali_charts\/status\/74211832\" target=\"_blank\" rel=\"noopener nofollow\"> post<\/a>, sharing the chart below for the asset&#8217;s performance during the last couple of cycles.<\/p>\n<figure style=\"width: 1199px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/pbs.twimg.com\/media\/GYKGm7kWwAExppF?format=jpg&amp;name=medium\" alt=\"Bitcoin Performance Since Cycle Low\" width=\"1199\" height=\"675\"><figcaption class=\"wp-caption-text\">The current cycle compared with the last two | Source:<a href=\"https:\/\/x.com\/ali_charts\/status\/74211832\/photo\/1\" target=\"_blank\" rel=\"noopener nofollow\"> @ali_charts on X<\/a><\/figcaption><\/figure>\n<p>&#8220;<span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\">If this Bitcoin<\/span><span class=\"css-1jxf684 r-bcqeeo r-1ttztb7 r-qvutc0 r-poiln3\"> cycle follows the last two, we could see a market top in about a year, around October 2025!&#8221; says Martinez.<\/span><\/p>\n<h2>BTC Price<\/h2>\n<p>Bitcoin has been moving sideways over the last few days as its price still floats around the $63,200 mark.<\/p>\n<figure style=\"width: 1534px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/FqR1cZop\/\" alt=\"Bitcoin Price Chart\" width=\"1534\" height=\"852\"><figcaption class=\"wp-caption-text\">The price of the asset has been stuck in consolidation recently | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/qFC1kfFd\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT on TradingView<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image from Dall-E, Glassnode.com, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>An analyst has explained how the next Bitcoin top could be situated around $400,000, if this model for the asset&#8217;s price continues to hold. Bitcoin Long-Term Power Law Could Reveal Possible Location Of Next Top In a new post on X, analyst Ali Martinez has talked about what the Long-Term Power Law could say about the next potential Bitcoin top. The &#8220;Long-Term Power Law&#8221; here refers to a BTC price model created by Bitbo. The model involves three lines, the main one\u00a0being the &#8220;power law,&#8221; which is derived by taking a linear regression of the historical BTC price. &#8220;This power law is just a straight line to represent the correlation between Bitcoin\u2019s price and time,&#8221; notes Bitbo in the model&#8217;s description. Related Reading: Bitcoin MVRV Ratio Is At A Critical Retest: Can Bulls Triumph? The other two lines of the model are just replicas of the power law, with the only difference being how they are arranged on the chart. One of these lines is placed under the power law just enough that BTC&#8217;s historical price either stays above it or touches it. This level of the model is called the support line. Similarly, the other line sets an upper boundary on the cryptocurrency&#8217;s price and is known as the resistance level. Now, here is a chart that shows the trend in the Bitcoin Long-Term Power Law over the history of the asset: As is visible in the graph, Bitcoin&#8217;s spot price is currently being traded under the power law. The asset retested the line earlier in the year when it set its new all-time high (ATH) but couldn&#8217;t find a break. Despite the recent bearish action, though, BTC still has some distance over the support line of the model. The graph shows that Bitcoin set three of its major tops around the resistance line.\u00a0However, the\u00a02021 bull run top occurred before the asset could reach the level. Thus, it&#8217;s unknown whether or not the current BTC cycle will follow the lead of the earlier three. Related Reading: Is Altcoin Season Coming? These Two Signals Could Suggest So &#8220;If the Bitcoin Long-Term Power Law holds, the next market top might hit around $400,000!&#8221; notes Martinez, based on the fact that the resistance level would assume a value around that mark next year. As for when exactly BTC could hit its next cyclical top, the analyst has also discussed it in another X post, sharing the chart below for the asset&#8217;s performance during the last couple of cycles. &#8220;If this Bitcoin cycle follows the last two, we could see a market top in about a year, around October 2025!&#8221; says Martinez. BTC Price Bitcoin has been moving sideways over the last few days as its price still floats around the $63,200 mark. Featured image from Dall-E, Glassnode.com, chart from TradingView.com<\/p>\n","protected":false},"author":542,"featured_media":644361,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,85533,93091,93092,84738,1119,78790],"class_list":["post-644344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-bull-run","tag-bitcoin-long-term-power-law","tag-bitcoin-power-law","tag-bitcoin-top","tag-btc","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Could Top At $400,000 Based On This Model, Analyst Says<\/title>\n<meta name=\"description\" content=\"An analyst has explained how the next Bitcoin top could be situated around $400,000, if this model for the asset&#039;s price continues to hold.\" \/>\n<meta name=\"robots\" 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Verma","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/3d9c67b0b4a94fb480d44f29de96266e?s=96&d=mm&r=g","caption":"Keshav Verma"},"description":"Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021. Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. 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