The well-regarded figure within the Bitcoin (BTC) sector is reinforcing his optimistic outlook, with a fresh, significant prediction for BTC’s price in the seven-figure range on the horizon.
On January 8th, Timothy Peterson, a well-known network economist and author of the widely-read paper “Metcalfe’s Law as a Model for Bitcoin’s Value,” revealed his prediction for a potential Bitcoin price of $1.5 million in a post on X platform.
Peterson: Bitcoin is less than 10 years from $1.5 million
According to Timothy Peterson, it’s projected that the value of one Bitcoin could reach an astounding $1.5 million within the next ten years.
Based on his own theory, which emphasizes network growth as a key factor in Bitcoin’s potential worth, Peterson forecasted that by mid-decade, the value of Bitcoin against the US dollar could be 15 times greater.
2035 finds us here, Bitcoin’s value, I assure you, will be an astounding $1.5 million, as I penned down in my additional remarks.
“And somewhere someone is asking ‘Is now a good time to buy Bitcoin?’”
Peterson is widely recognized for his strong support of Bitcoin. His 2018 paper proposed that widespread global adoption of Bitcoin was simply a question of time, following the principles of Metcalfe’s Law.
Conventional monetary systems struggle to apply to Bitcoin, yet mathematical principles that govern network interactions provide a convincing rationale for its worth.
Back in the year 2020, Peterson’s Forward Lowest Price Forecast accurately foresaw that Bitcoin’s value relative to the U.S. dollar would not dip beneath $10,000 once more.
Last year, he timed the local BTC price bottom to within eight days when it hit in September.
Indicating a lack of particular excitement about Bitcoin’s anticipated price movement, an X post on January 2 simply stated “there’s nothing exceptional.
“In fact, it was the second-worst ‘Up’ quarter out of the past 10,” Peterson noted.
Bitcoin “isn’t done dipping”
According to CryptoMoon’s latest report, forecasts for Bitcoin’s price next year remain divided, with optimism from the Q4 bull market starting to subside.
There are some individuals who believe that there’s a significant possibility of a further Bitcoin price adjustment, potentially reaching levels close to its previous record high of approximately $73,800.
Instead, an optimistic perspective considers this momentous occasion, the inauguration of the newly elected U.S. President Donald Trump, as a significant turning point that could bring positive change.
In simpler terms, “Keith Alan, the co-founder of Material Indicators, briefly stated to his 9 followers on January 9 that the dip hasn’t fully recovered yet.
Alan mentioned that the temporary obstacle in the market is the “restriction” of prices, where potential buyers are choosing to hold off on purchasing until prices drop below the current $92,000 level.
He mentioned that it’s uncertain if this action could lead to the significant decline we’ve anticipated, but for comparison purposes, reaching $86,500 would symbolize a 20% decrease from the all-time high (ATH).
“If that level doesn’t hold, then I think the CME Gap down to $77.9k could come into play.”
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2025-01-09 17:26