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As Bitcoin takes out $11,000 and potentially aims higher, renewed talk of the BTC asset and its next potential peak has returned to the market.
Analysts do their best to do more than just speculate, backing up theories with fundamental statistics or technical signals to predict future prices.
But could it all be based on mathematics that’s been around for centuries? And if so, could Bitcoin’s next peak be at $270K?
Bitcoin price and what it will be some day is a regularly contested subject. Pundits pronounce the asset dead and claim it’s ready to go to zero.
Others, even the likes of billionaire venture capitalist Tim Draper believe it’ll be worth in the hundreds of thousands.
If Bitcoin follows the same exact trajectory as the last bull market, it is on track for a top at around $325K, top crypto experts have claimed.
However, each peak has brought investors diminishing returns, so it is reasonable to expect that peak to be lower than the last in terms of ROI.
But could an extremely simple mathematical pattern named after a mathematician born in 1170 perfectly predict each Bitcoin top?
If it is possible, the formula points to the next peak at $270K according to a chart shared by a leading cryptocurrency analyst.
The cryptocurrency has been peaking at each Fibonacci extension ending in “.272.” Fibonacci retracement and extensions are ratios based on Fibonacci sequence.
The next one above is the 4.272 extension, residing at roughly $270K.
Everything about Bitcoin is steeped in mathematics, so it shouldn’t be shocking that math itself is the key to predicting the crypto asset’s peaks.
The remaining piece of the equation is when this peak occurs.
The “when” is argued in the crypto market nearly as much as how much Bitcoin price will ultimately reach.
Believers in the stock-to-flow model expect the cryptocurrency to rip any day now into a new bull market, potentially making that peak a lot sooner than anyone is ready for.
In other trending Bitcoin News today:
Global Fiat Failure Will Push Countries to Accumulate Bitcoin, Says Max Keiser
Max Keiser, Wall Street vet and host of RT’s Keiser Report, says he believes countries will seek refuge in Bitcoin as fiat currencies fail on a global scale.
In a new installment of Blockchain Interviews, Keiser says the gold market won’t be able to satisfy a surging appetite for safe-haven assets.
“You work through the numbers and there’s just not that much [gold] around. If you needed to buy 300 tons of gold you’re not going to find it, not at the current price. It’s going to be like ‘Okay I’ll sell you 300 tonnes of gold but I’m going to sell it to you at $25,000 an ounce, you can have all you want at $25,000.’”
Keiser expects demand for truly scarce assets to push governments around the world to eventually come around and see the value of Bitcoin.
“So then we need hard money. I think that’s where you’re going to see these central banks turn to Bitcoin and sovereign wealth funds. They’ll be like, ‘Well this Bitcoin this has been around now for 11-12 years. It’s 99.9% fail-proof and it’s got everything we want in hard money.’
You’ll see countries start to accumulate Bitcoin and start to mine for Bitcoin as well, and then they’ll start to subsidize the money they would be subsidizing the energy industry in and subsidizing that in the Bitcoin mining space. So then the game theory kicks in. So, for example, Iran right now has something like 2% of the global hash rate of Bitcoin…”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
American CEO’s are not getting the Big Picture about what’s happening with #BTC in countries like Nigeria with 30% hyperbitcoinization RIGHT NOW!
Let’s stop the posturing. Take action. https://t.co/mNIUgaOjEN
— Max Keiser (@maxkeiser) October 1, 2020