Boutique Media & consulting group
BTC$64489
ETH$3145
BNB$611
XRP$0.53
Bitcoin is showing sideways movement from the last three weeks and its price has repeatedly breached the seven thousand USD mark multiple times. At the time of reporting, BTC is changing hands at about $7469 and may perhaps retest lows set a month before on Black Thursday.
Nevertheless, if that recent low fails to hold, the largest digital asset by market cap might drop to approximately two thousand USD, as per a mathematical figure that coincidentally is situated at an untouched support level from past BTC bull cycles.
Numerous analysts are of the opinion that all future price movements can possibly be forecasted using mathematics like geometry. However, it remains a question whether the golden ratio will be vital in determining the bear market bottom of BTC.
As per the location of the golden ratio of 1.618, the psychological support level overlapping with the golden ratio puts BTC price somewhere around two thousand USD for the ultimate bottom.
The answer to why the financial assets drop to these significant mathematical ratios, is not clear. However, it’s a common tactic allegedly used by several cryptocurrency traders when planning entries or exits.
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