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This Simple Mathematical Calculation Gives an Idea of Bitcoin’s Next High, NFTs Take the Crypto Market by Storm

mathematical calculation

On Friday in a bulls’ stunt, Bitcoin (BTC) finally breached above the symmetrical triangle pattern where the price had been consolidating within the past weeks. Bitcoin bulls flipped the $11,000 key resistance level into support as the price surged to highs of $11,498 today.

Bitcoin’s recent climb higher has convinced many analysts that a larger bull trend is brewing under the surface as sentiments turned into optimism. Several indicators are also flashing bullishness, for instance, RSI is presently at 65 on the daily chart. However, day traders should keenly watch Bitcoin on-chain volume as the absence of it during the past 30 days is the sole reason for the BTC rally holding back.

There are speculations on how far Bitcoin bulls will take price in this fresh cycle. An analyst uses a simple mathematical calculation to give an idea of Bitcoin’s next high while non-fungible tokens (NFTs) take the crypto market by storm.

Bitcoin is presently trading at $11,399 while eying the $12k key level.

This Simple Mathematical Calculation Gives an Idea of Bitcoin’s Next High

An analyst used a simple mathematical pattern, Perfect Fibonacci Extension Progression to predict Bitcoin next high. The analyst who recently shared the chart below indicated that each of BTC’s macro rally highs has all formed at a Fibonacci extension ending in “0.272.”

Bitcoin Liquid Index Fibonacci Extension Predicts Next High

From his analysis, he suggests that Bitcoin’s next high will be close to $270,000, nearly 2,500% above recent prices. This seems to correlate with price predictions of $288,000 for the flagship asset.

Experts claim that if Bitcoin follows the same trajectory as the last bull market, it may peak at $325K, but due to diminishing returns, one might expect a new peak to fall beneath the prior one.

Stock-to-Flow model prediction for Bitcoin claims that a year from now BTC price should tick above $100,000. Coin Metrics, an on-chain analytics firm recently indicated through a set of metrics that Bitcoin remains in a long-term bull trend despite any uncertainty in the near term.

NFTs Take the Cryptomarket by Storm

An NFT, non-fungible token is a tokenized version of an asset, digital or otherwise. They are similar to Stablecoins but are used instead to represent nonfungible assets like artwork, real estate, or collectibles instead of a fiat currency. Popular applications for these tokens include virtual games such as CryptoKitties and Decentraland.

NFTs have been taking the crypto market by storm as NFT sales have surged recently.7 days ago, it was noted that almost $2 million worth of NFTs has exchanged hands. NFTs rise is seen in record-breaking sales like the recent Bitcoin-code-inspired artwork that sold for over $130,000. Projects in the NFT world have also started issuing governance tokens. However, like other tokens, NFTs are indivisible.

NFTs can be used to represent a variety of assets, such as virtual collectibles, in-game items, digital artwork, event tickets, real estate, and much more. This opens a wide range of possibilities for digital and real-life assets, such as easy transfer and proof of ownership.

NFTs Has Found Use in the Following Sectors:
The Art World: this represents one of the most popular applications for NFTs. Digital art auctions that leverage NFT technology are becoming more popular. NFTs can also help artists like musicians and filmmakers register their work, protecting it against copyright infringement.

Gaming: NFTs have also become popular within the gaming industry, allowing for in-game items to be tokenized and easily transferred or exchanged.

Collectibles: are presently the most popular application of NFTs in terms of sales volume, with nearly 40% of September’s sales coming from collectible-related projects, for instance, CryptoKitties.

Sports: NFTs are becoming quite popular in sports. NFT technology is being leveraged to create tokenized versions of athletes and celebrities, virtual land, and much more.

Image Credit: TradingView, Shutterstock

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