Cryptocurrency-focused economist Timothy Peterson has shared an optimistic outlook on Bitcoin’s price trend in the coming months, suggesting that the largest cryptocurrency could reach the $100,000 level as early as February 2025.
In a recent statement, Peterson presented a trend analysis that challenges the widely accepted idea of diminishing returns for Bitcoin.
No Evidence of Declining Returns: According to Peterson, Bitcoin’s current price trend is consistent with previous trends, contradicting the claim that Bitcoin’s earning potential has diminished as the market matures.
$100K in 90 Days? Peterson suggested that a move slightly above the established trendline could take Bitcoin to $100,000 in the next 90 days. He argued that this price target is “entirely reasonable” given Bitcoin’s historical price behavior.
Conservative Scenario by February: Even in a conservative scenario, he notes that Bitcoin could reach $100,000 around February, following what Peterson calls the “red line” on his chart. Peterson believes this target can be achieved regardless of the outcome of the US presidential election on November 5.
Bitcoin Not Overpriced: Peterson also dismissed concerns about an impending drop in Bitcoin’s value. “Bitcoin is not overpriced by any other metric that I have,” he said, adding that the possibility of a drop below $60,000 is “becoming less and less likely.”
*This is not investment advice.
