Originally published on: October 25, 2024
Bitcoin is gearing up for an unprecedented bull run, with experts predicting a staggering $100,000 price tag on BTC as early as February. Timothy Peterson, a seasoned network economist, believes that the ignition has been lit for a new Bitcoin bull market.
Despite a long consolidation period following its peak at $73,800 in March, Peterson is confident that the real gains are yet to unfold. Comparing BTC’s current trajectory with past price movements, Peterson foresees a rapid climb to $100k within the next three months.
According to Peterson, Bitcoin’s price path remains consistent with previous cycles, dispelling concerns of diminishing returns with each cycle. He boldly states, “A move just above trend puts Bitcoin at $100k within 90 days. Completely within reason.”
Geopolitical uncertainties surrounding the upcoming US Presidential Election are unlikely to sway this prediction. Regardless of the election outcome, Peterson stands firm on his forecast for a six-figure Bitcoin price by early 2023.
While some traders anticipate a temporary pullback towards $60,000, Peterson maintains that the $60k threshold is now a robust support level that is unlikely to be breached. Describing Bitcoin as “not overpriced,” Peterson highlights the coin’s close correlation with the 2-cycle average in recent weeks.
It’s worth noting that this article is not intended as investment advice. Readers are encouraged to conduct their own research before making any financial decisions.
Get ready to witness a historic surge in Bitcoin’s value as the $100,000 mark looms on the horizon. Stay informed with critical insights and market outlooks by subscribing to our newsletter and unlocking new investment opportunities.
