Bitcoin Power-Law Model Extends Early Price Trend Into Long-Term Framework

A historical Bitcoin (BTC) power-law model extends the asset’s early price trend through time, but its formula excludes adoption, regulation and other fundamentals that influence markets. Bitcointalk user dacoinminster published the model on Feb. 13, 2013, using the number of days since Bitcoin’s Jan. 3, 2009, genesis block. The formula is: The model’s power-function fit had an R-squared of 0.7728, compared with 0.6990 for an exponential model based on the data available at the time. R-squared measures how closely a model fits the historical observations used to build it. “Bitcoin growth has always been on a logarithmic scale.