Cryptocurrency analyst Timothy Peterson has highlighted the potential price action for Bitcoin (BTC) tomorrow, September 24. Peterson noted that historical data points to a clear cyclicity in Bitcoin's performance.
According to the analyst, Bitcoin typically sees a 53% gain on any given day, with a typical gain of +0.10%. However, the situation is different on September 24th. On that date, Bitcoin lost 64% of its value, with a typical decline of -1.50%.
Peterson also argued that Bitcoin has historically lost value every time between September 16th and 23rd, with an average drop of 5% during this period. He claimed that this prediction was confirmed by the recent drop in the BTC price.
Peterson, who stated that he distances himself from technical analysis methods, said, “I don't believe in technical analysis, I believe in repeating cycles.” The analyst stated that his chart shows that Bitcoin could reach $200,000 within 170 days, and that he sees a probability of this happening as over 50%.
*This is not investment advice.
