Oddbean new post about login | logout #technicalanalysis On a log scale basis, BTC is still in the dumps. I reckon it should go to about $300,000 to get back onto it's long term trendline.
Is it impossible that some powerful entity has in the past made sure to always keep the price above this log floor curve in order to make people believe that this curve is somehow inherent to Bitcoin and thus instill false confidence of which they can then pull the plug by simply stopping to hold up the price.
I was mostly jesting. Technical analysis, drawing straight lines and expecting the thing to return to that line, isn't much better than witchdoctors. Especially for something with a huge marketcap like bitcoin where other forces come into play, I would expect a sigmoid shape, not a straight line on a log graph.