A prominent analyst is pushing back against growing fears that Bitcoin (BTC) is entering a prolonged downturn.
The market technician is using historical price models to show that the current weakness is a typical pause within a larger upward trend, setting the stage for a future peak that could exceed $300,000.
The Case for a Continued Bull Run
In an October 24 post on X, EGRAG CRYPTO pointed to a linear regression model on a logarithmic scale, a tool used to identify long-term trends.
The analysis shows Bitcoin is currently trading at its lowest level relative to its historical trend channel since 2012. And rather than a sign of doom, the analyst framed this as a prime buying opportunity, similar to patterns seen before major price increases in the past.
“Historical Data Never Lies,” wrote EGRAG. “Every single macro cycle in Bitcoin’s history shows the same pattern: BTC consolidates inside an ascending (rising) channel before breaking out massively to the upside.”
He noted
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