The latest news for all the bitcoin holders or who wants to buy bitcoin is- BTC Price Can Hit $100,000. I think the news is really cheering up the bitcoin holders! Bitcoin expert has compared coronavirus trends with the possible Bitcoin price movement.
In this case, Coinbase Ex-CTO (Chief Technology Officer), Balaji Srinivasan, now writes for Nakamoto.com, claims that BTC price can hit $100,000. This could have happened after striking twice.
BTC price can hit $100,000
Srinivasan claims that Bitcoin’s rally is pretty predictable if you look at the stats under a certain angle. Whether this is the correct comparison or not, but Balaji thinks that Bitcoin will reach $100,000 following the coronavirus dynamics:
Actually, he compares the statistics of coronavirus spreading across the planet with the possible price action. The news circulates like a chain process. For instance, People read news about Bitcoin, jump in, buy it. Likewise, tell a friend about it, they jump in, buy it, and so on. Bitcoin’s properties are pretty interesting. So people usually do involve quickly.
He offers plenty of links to back his assumptions, including the link to Wikipedia pages of Excursion probabilities and Geometric Brownian Motions.
Which can help Bitcoin Price Prediction?
Geometric Motion and SEIRS Models help in Bitcoin Price Prediction.
Bitcoin and coronavirus are somewhat different ‘asset types’. But the math laws can work even in such an unusual case if you know what you are doing. Nikhil Krishnan asks Balaji over Twitter how can he compare such different things:
“Generally… why are you trying to compare these things? This feels like a very forced and contrived connection”
Srinivasan replied, “Despite very different underlying dynamics, the general concept of “conditional on this improbable event has already happened. We need to update our probability of the future” Of course, the dynamics of prices & cases are different. But both are often modeled as stochastic processes: prices as GBMs, epidemics as SEIR[S]. At the beginning the parameters of these stochastic processes are unknown. But as data comes in, parameter estimates update.”
He also wrote that the underlying dynamics are different. But the general idea is still applicable.
Bankers used to impress girls with their banking system terms knowledge until 2009. But, it wasn’t so effective.
Writer, researcher, and analyst on cryptocurrency and blockchain technology at L&P Digitech Pvt. Ltd. Also managing the content with SEO at this current company. Keen interest to know more about new technologies related to the crypto world and blockchain technology. Completed Masters in Computer Application (MCA) and holds Post Graduate Diploma in Instructional Designing with sound knowledge in Articulate3. Out of all, love to travel, listen to music, and to eat also.