Analyst who predicted 2024 bounce predicts Bitcoin will reach $1.5M by 2035
According to Timothy Peterson, the expansion of the Bitcoin network will drive the price of the cryptocurrency to seven figures in the next ten years.
One of the most well-known analysts in the field reiterates their positive outlook for Bitcoin, which is down $94,128 and has a fresh seven-figure forecast for the future. Timothy Peterson, a network economist and the author of the study “Metcalfe’s Law as a Model for Bitcoin’s Value,” set a price target of $1.5 million for the cryptocurrency in an X post on January 8.
Peterson projected that Bitcoin will reach a massive $1.5 million per coin in ten years, citing his own model that places network growth at the core of the cryptocurrency’s future value proposition.
It is 2035. In an accompanying statement, he said that Bitcoin is now worth $1.5 million. Peterson is renowned for being a Bitcoin bull, arguing in his 2018 article on Metcalfe’s Law that widespread Bitcoin adoption was inevitable.
It says, “The value of bitcoin is compellingly explained by a number of mathematical laws that explain network connectivity, but traditional currency models fail with bitcoin.”
Peterson’s Lowest Price Forward indicator accurately forecasted in 2020 that the price of bitcoin/USD will never go below $10,000 again. In September of last year, he was able to pinpoint the local Bitcoin price bottom to within eight days.
Meanwhile, another X post on January 2 stated “nothing special,” indicating his predictions for the future behavior of the Bitcoin price.
According to Peterson, it was really the second-worst “Up” quarter in the previous ten.Peterson is renowned for being a Bitcoin bull, arguing in his 2018 article on Metcalfe’s Law that widespread Bitcoin adoption was inevitable.
It says, “The value of bitcoin is compellingly explained by a number of mathematical laws that explain network connectivity, but traditional currency models fail with bitcoin.”
Peterson’s Lowest Price Forward indicator accurately forecasted in 2020 that the price of bitcoin/USD will never go below $10,000 again.
In September of last year, he was able to pinpoint the local Bitcoin price bottom to within eight days. Meanwhile, another X post on January 2 stated “nothing special,” indicating his predictions for the future behavior of the Bitcoin price.
According to Peterson, it was really the second-worst “Up” quarter in the previous ten. According to Cointelegraph, as the bull run that dominated most of Q4 cools, forecasts for the price of bitcoin for the next year are solidly divided.
Targets go all the way back to the almost ancient all-time highs of $73,800, and some still believe there is a good chance that the price of bitcoin may decline further.
Conversely, some optimistic perspectives anticipate the upside coming back, with Donald Trump’s inauguration as the US president-elect marking a turning point.
On January 9, Keith Alan, co-founder of the trading resource Material Indicators, gave X followers a summary: “TLDR: This dip isn’t done dipping.”
One short-term obstacle, according to Alan, is the “suppression” of price, as purchasers are waiting to increase their exposure at prices below the current $92,000.
He stated, “As a point of reference, a move to $86.5k would represent a 20% correction from the ATH, but it’s impossible to predict whether or not this move will develop into the deep correction we’ve been expecting.”
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