Money Morning’s Prateek Goorha’s Bitcoin Price Prediction Formula Comes From A Biological Pattern
There are several experts that have been predicting how the price of Bitcoin and other virtual currencies would evolve in the future. Some of them did it in the past with extraordinary results, such as Tim Draper, but others were not able to properly understand the dynamic of the market.
Bitcoin and other cryptocurrencies are very volatile assets, and it is not an easy task to understand how prices would evolve. However, there is a man that claims that he is able to predict how the markets would evolve using a bacteria that illustrates the process.
It is important to mention that there is no ‘correct way’ to analyse the markets and how they could evolve in the future. There are many different ways of doing it. But there is a social scientist that believes that Bitcoin’s price behaves in a similar way as other biological patterns.
It is possible to suppose that traders are biological beings. Their decisions and thinking process behind people is related to a biochemical reaction that takes place in the brain.
According to Prateek Goorha’s formula, Bitcoin charting is similar to the reproductive pattern that can be observed in bacteria which is: Lag – log – station – death.
In the first phase, the bacteria expands and adapts to new conditions in a specific environment. The second phase sees an exponential growth in which the bacteria clones itself. However, there is a moment in which the bacteria cannot continue to expand due to the limited environment. This is when the bacteria eat the resources available and dies after there is no more food.
So, scientists decided to extrapolate the results to Bitcoin and virtual currencies in which they show how these two cycles are correlated. Goorha says that the Bitcoin price followed exactly the same pattern as bacteria multiplication and that it might do it in the future as well.
According to Goorha, Bitcoin will be able to reach new all-time highs again in the future. Indeed, he says that a new bull run would allow Bitcoin to reach $250,000 dollars if the pattern repeats itself.
At the moment of writing, Bitcoin is being traded around $6,640 dollars and it has a market capitalization of $114 billion dollars.