Following the sharp pullback in the Bitcoin (BTC) price, cryptocurrency analyst Timothy Peterson made a remarkable assessment of when the market could reach a new all-time high (ATH).
Peterson particularly highlighted the pressure on the price from fund flows coming from spot Bitcoin ETFs in the US.
According to Peterson's analysis, approximately 51,000 BTC have been sold from US ETFs since October 9th. These sales total approximately $4.6 billion, based on a period when Bitcoin was trading around $90,000. The analyst noted that average weekly inflows into ETFs through 2025 were around $450 million, and that the market recovery will take time due to the high correlation between price and fund flows.
Based on this data, Peterson said it could take at least 10 weeks for Bitcoin to reach its ATH again, or more realistically, closer to 14 weeks as the price enters an uptrend again. He added that ETF inflows have been nearly flat over the past two weeks, indicating weakness on the demand side.
Peterson also noted that Bitcoin has fallen below a key threshold for its long-term network value (Metcalfe). The price has fallen below the Metcalfe for the first time in almost two years. While this isn't necessarily a bottom signal, it does indicate that leveraged positions have largely been cleared and the previous bubble effect has faded, according to the analyst.
*This is not investment advice.
