As a seasoned crypto investor with over a decade of experience in this rollercoaster market, I can confidently say that Timothy Peterson’s analysis resonates strongly with my own observations. The Bitcoin bull run we are currently witnessing feels remarkably similar to past cycles, and I am optimistic about the potential for BTC to reach six figures within the next three months.
Bitcoin (BTC) appears to be just beginning its upward trend, and some analysts predict it could reach $100,000 within the next three months.
According to Timothy Peterson’s recent market analysis on October 24th, it appears that the start of a new Bitcoin bull market is now underway.
Peterson: Bitcoin bull run “not meaningfully different”
For approximately eight months now, Bitcoin has been holding steady following its recent record peak at $73,800 back in March.
According to Peterson’s perspective, the significant rewards from Bitcoin investment have yet to materialize – and there’s a possibility that the BTC/USD exchange rate could reach six figures for the initial time within the next three months.
“Bitcion’s current run is not meaningfully different than prior price paths,” he wrote on X.
“This puts a big dent in the ‘diminishing marginal returns’ argument.”
A chart alongside it showcased the development of Bitcoin’s price since the last significant dip in late 2022 versus past trends, and Peterson refuted the notion that Bitcoin investors are expecting diminishing returns compared to previous cycles.
“A move just above trend puts bitcoin at $100k within 90 days. Completely within reason,” he continued.
The probability remains the same, irrespective of political events or the results of the upcoming U.S. Presidential Election, as stated by Peterson.
BTC price nerves persist
As CryptoMoon reported, Bitcoin continues to field various sky-high price targets through 2025.
2021 is generally viewed as the anticipated cutoff date for the next significant peak in Bitcoin’s price against the US Dollar. Estimates of six figures are becoming more commonplace.
Others, however, remain cautious in the short term, with popular traders including Credible Crypto seeing a large comedown next.
On October 23, a published chart indicated a potential movement back towards the $60,000 level – a threshold that Peterson considers significant and now seems less likely to be surpassed.
He stated that it’s increasingly unlikely for Bitcoin to fall below $60,000, and he viewed its current price as reasonable rather than overvalued.
He noted in a different post, referring to the same chart, that Bitcoin has been following very closely the 2-week average for the recent period.
“Amazing that it is following a path predetermined 4 years ago!”
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2024-10-25 13:22