The code behind any cryptocurrency always remains a mystery to many, especially when you consider that cryptography is basically mathematical models integrated into a meaningful system.
And Bitcoin (BTC) holds the palm as the very first successful system that emerged as a functioning crypto network.
However, what many mathematicians and analysts are interested in now is the obvious connection between the fluctuations in the price of bitcoin and a specific mathematical model.
For example, one analyst claims that cryptocurrency follows a Fibonacci number sequence (elements of a number sequence in which the first two numbers are either 1 and 1, or 0 and 1, and each subsequent number is equal to the sum of the previous two numbers), which, apparently, dictates the rise and fall of prices.
“Does Bitcoin follow a mathematical path? It seems that they are controlled by Fibonacci numbers … If so, then the next cycle will be a maximum of about $ 220 thousand, and a minimum of about $ 36 thousand, ” user paTo tweeted.
For many years, crypto traders have used the Fibonacci number series to make decisions, analyzing price levels and graphs, trends and turning points in order to evaluate the next successful moment for investing.
Note that many mathematics analysts notice that Bitcoin has indeed followed such a price mechanism four times in a row. So the question is, was his code intentionally designed in this way? If so, the paTo analyst may be right.
In essence, this means that the rise in the price of bitcoin has not yet ended. In addition, the expectation of future price increases could trigger FOMO among crypto fans and, in turn, give an initial boost to growth – when people rush to buy before it's too late.
As previously reported, the Spanish bank Santander has denied rumors that it is refusing to service the Coinbase cryptocurrency exchange .
Publication date 08/17/2019
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