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When Cryptoverse Meets Metaverse

The term 'metaverse' has been creating a buzz in the world in the last few months, Google search analysis shows that the term 'Metaverse' had a search score of less than 1 in 2020 which grew to 99 in 2022.  At the end of 2021 we also witnessed Facebook change its name to Meta , but its not only Facebook that is focused on the metaverse and its infrastructure, a bunch of tech companies are in the race for the metaverse (Nvidia, Unity, Roblox, Snap etc.) A recent report published by Technavio called, 'Metaverse Market in Finance by Component & Geography Forecast and Analysis 2022-2026' stated that the metaverse market will increase by $50.37bn during 2022-2026.  Another research company, Grand View Research , headquartered in San Francisco expects the global metaverse market size to grow by a compound annual growth rate (CAGR) of 39.4 from 2022 to 2030 But what exactly is the metaverse? Wikipedia describes metaverse as follows: 'Metaverse is a hypothetica

Where Will The Price of Bitcoin End Up In A Few Months?

  

Bitcoin future price prediction

  • Bitcoin is currently priced at $57,465 as at 1st May 2021
  • Bitcoin is predicted to end the months at the following prices:
    • May - $70,546
    • June - $77,922
    • July - $85,544
    • Aug - $93,167 
  • Sentiment Analysis - Bitcoin returned a positive 66% as per the sentiment analysis model. A further sentiment analysis was conducted on the following phrases: Bitcoin Buy: 66% and Bitcoin Sell: 70%. A higher sentiment percentage for the keyword 'Bitcoin Sell' could indicate a higher selling pressure in the short term.
  • On a daily scale, the RSI currently sits at 53.96RSI above the 70 level signals overbought and below 40 signals oversold. The current level is at the mid point, we expect the RSI to rise slightly.
  • MACD a momentum indicator indicates an upward trend in the price 
  • 10 Day Volume Moving Average vs Close Price
Bitcoin future price prediction

  • The chart above shows the relation between 10 Day Volume Moving Average (DVMA) calculated using the daily buying or selling pressure vs the close price of the cryptocurrency. The 10 DVMA can be used a gauge to predict the movement of price.
  • As per the chart, the price follows the 10 Day Volume Moving Average. The 10 DVMA is currently on an upward trend which might lead the price of Bitcoin higher. We expect the price to rise to $59,000 before the selling pressure kicks in, in the short term.

Summary Points:
  • Short Term: Indication of a possible price increase for Bitcoin in the coming days 
  • Long Term: The price of Bitcoin is predicted to reach $93,167 by the end of August, resulting in a 62% increase from the current price.
  • Trade Indicator:
    • Short Term: Buy
    • Long Term:  Strong Buy

Note: Price predictions in this article are based on mathematical models and should only be used as a reference and not as a trading signal. Trading decisions should not be based on the opinion in this article, investors should conduct their own due diligence before buying or selling the cryptocurrency. 

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