Bitcoin’s price performance has stalled this week after a relief rally started in early April. According to CoinMarketCap, the asset declined 1.45% in a range-bound week, failing to break above the key $82,000 resistance.
Analyst Titan of Crypto points to the Bitcoin Power Law Model V2.0, a long-term pricing model tracking BTC on a logarithmic scale. Historically, Bitcoin has never closed below the model’s lower green support band. Titan of Crypto warns that, in the event of a broader market crash, the worst-case price floor currently stands at approximately $42,800 - a potential 50% decline from current levels.
However, the analyst notes that the current structure mirrors the 2018-2019 cycle, where Bitcoin defended the first support band before staging a massive bullish breakout. If history repeats, Bitcoin could surpass its all-time high and reach $200,000, aligned with the model’s middle band.
At press time, Bitcoin trades at $78,361, down 2.72% in the last day. To sustain its uptrend, BTC must break above $82,000 and then target $88,000. Bulls must defend the critical $78,000 support level to avoid a breakdown.