Bitcoin Price Normalized to Two Trends
Above:
Up-to-date bitcoin price, normalized to both the lower and upper bound trendlines (see our first chart).
0 means near the lower bound, 1 means near the upper bound.
This graph shows historically how close the price has gotten to the upper bound. We note that there is no strong indication that the price should ever reach the upper bound again.
The vertical halving-date lines indicate when the bitcoin mining efficiency was cut in half, as preset by the bitcoin protocol in its inception.
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