Bitcoin (BTC) is once again showing a strong rebound, successfully establishing its price above the crucial $60,000 support zone.
Amid short-term bullish sentiments, a crypto analyst believes that the asset’s historical price trajectory could prepare Bitcoin to hit $300,000.
In line with this, pseudonymous analyst apsk32 noted in an X post on July 1 that a unique metric based on the power law could drive Bitcoin to a new all-time high.
The expert pointed out that Bitcoin’s price has adhered to a power law for over a decade. This adherence suggests a fundamental growth process in the Bitcoin network, something not typically seen in traditional financial markets.
According to apsk32, the power law support represents the network’s intrinsic value—the value when all hope and hype have dissipated. To assess the current price relative to this inherent value, apsk32 leveraged time as a metric.
Bitcoin power law time contours: Source: apsk32
Indeed, between 2014 and 2024
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