Timothy Peterson, a cryptocurrency-focused economist, shared his expectation of growth in Bitcoin prices for the fourth quarter of the new year.
Timothy Peterson Claims There Is A 40 Percent Chance That Bitcoin Price Will Surpass $100K By The End Of The Year
According to the analyst, fourth-quarter performance in Bitcoin price has typically been strongly positive, citing the 2018 and 2022 bear markets as exceptions.
Peterson, who claimed that the general trend is positive, claimed in his statement that 2024 will not be an exception. The analyst predicts a 30% to 60% increase in the BTC price this quarter. In addition, he determined the probability of seeing $100,000 in the Bitcoin price by the end of the year as 40%.
According to the data, the BTC price lost nearly 50% in the fourth quarter of 2018. A much milder decline was observed in 2022.
On the other hand, among the fourth quarters, except for the early periods when the Bitcoin price was not yet mature, the biggest increase occurred in 2017 with an increase of over 200%. This was followed by 2020 with an increase of around 150% and 2015 with a growth close to 100%.
Markets see October as a bullish month, but earlier this month, Bitcoin suffered a serious loss and fell below $60,000. At the time of writing, it is trading at $63,700.
*This is not investment advice.