The code that runs behind any cryptocurrency is always a mystery to many, especially considering that cryptography is basically mathematical models put together to form a meaningful system. For all it’s worth, Bitcoin takes the mantle as the very first successful system that came into existence as a functioning crypto network.
However, what’s now interesting many mathematicians and analysts is Bitcoin’s apparent adherence to a particular mathematical model in regard to how it’s price changes. A recent report by an analyst claims that Bitcoin may be following a Fibonacci number sequence that seems to dictate its price ups and bottoms over time.
if that repeats for the 4th time, the next cycle will bring us:
🔥 TOP ~220K
🔥 BTM ~36K
canT waiT legghoooo 🚀 pic.twitter.com/3oN7p4K72u
— paTo.. 🌕 (@moonshilla) August 14, 2019
What If The Number Sequence Is Legit?
The Fibonacci number sequence is a mathematical model developed by a renown mathematician, Leonardo Bonacci, back in the Middle Ages. Leonardo may well be the most successful and talented European mathematician of his time. For years, crypto traders have used Fib Tools to guide them in decision-making by analyzing price levels, price charts, trends, and turning points to estimate the next good moment to invest.
As a matter of fact, there are claims that Bitcoin has adhered to a given price mechanism for four consecutive times, raising questions of whether its coding might actually be designed that way. If that’s the case, the analyst pegs the next Bitcoin ups at around $220k and the bottom at around $36k.
What It Means
Basically, what this means is that Bitcoin isn’t yet done with positive price action. Also, the apparent anticipation of huge price hike in the future may very well trigger FOMO within the fan base and actually cause the initial bull run as people rush in to buy before it’s too late. Looking at the current BTC price at $10k, it’s pretty clear that the next bottom would still be more than thrice higher than the current value.