Since Bitcoin’s most recent lows on June 18^th, the world’s most valuable cryptocurrency has seen its value rise as much as 39.7%. And, over the course of the past few weeks, volatility has lowered and BTC seems to have found a base above $20,000.

Now, a new decade-long trend may reveal why. Further, it may also reveal a strong support level that could be the new baseline for future bull runs. And it’s all found in a simple logarithmic chart trend line.

Let’s have a look.

Using only one trend line, this log chart shows why Bitcoin may have found support and could soon bounce.

This trend line in the logarithmic chart began in April of 2013. Since then, every BTC bear market bottomed at (or above) the trend line, then subsequently moved higher.

Notably, as NewsBTC.com points out, “The trend line was touched in early 2015, and again in 2016 prior to the legendary 2017 Bitcoin bull run.”

They continue, “Although the 2018 bear market found support before it ever reached the trend line, the March 2020 Black Thursday collapse took Bitcoin price precisely to the same trend line that is still holding today.”

So, does this logarithmic chart show that BTC has found a recent bottom and is ready for a rally? Only time will tell.

But it should be noted that previous rallies from the log trend line have resulted in 2,200% ROI, 9,700% ROI, and 1,500% ROI, respectively.

If BTC does indeed bounce higher from here, and the trend line hold true, a new Bitcoin bull run could very well be on the horizon.

Read more of NewsBTC.com’s analysis, HERE

Source: https://www.newsbtc.com/analysis/btc/habitcoin-price-decade-long-trend-line/