This chart shows market capitalization as a percentage of its long-term logarithmic regression (fair value). The regression is a power-law fit: ln(cap) = a + b × ln(days since Bitcoin genesis). When the line is above 100%, the market is historically overvalued — typical of bull market peaks (past extremes: 400–2000%+). Below 100% signals undervaluation — historically the best accumulation zones. The red line at 100% is the fair value baseline.