Bitcoin: Can Snails Predict Future Prices?

By Luke L on ALTCOIN MAGAZINE

It’s been a rough summer for bitcoin. Feels like it went away on vacation after a great start to the year. In the likely event that you haven’t been following it too closely, this is a chart of what’s been happening…

It hit a high above 13,000 in June, a low below 9,500 in July and has bounced in a range everywhere in between. In might not look it, but that’s a pretty severe range of over 30%. In the stock markets, it would make headline news around the world, for crypto however it’s the norm.

What’s this got to do with snails you are likely thinking? This post is all about the Golden Ratio, a “technical indicator” with the potential to predict or at least explain market prices. It’s based (indirectly) on snails and explains this summer’s bitcoin price range almost perfectly.

What is the Golden Ratio? 0.618 To Be Exact.

Leonardo Pisano, aka Fibonacci, is famous for a number sequence based on the growth patterns of nature. It’s pretty simple, you start with a 1 and add each number to the previous to produce the next.