Economist Timothy Peterson, author of the article titled “Metcalfe's Law as a Model for the Value of Bitcoin”, made an interesting prediction about the price of Bitcoin in his statement.
According to Peterson, considering the US Dollar Index (DXY) alone, the Bitcoin price should currently be trading at $117,000. However, the economist claimed that the BTC price is probably already on a journey towards this price.
Peterson said that he obtained the figure in question using data dating back to 2011.
The economist also evaluated why the Bitcoin price is not currently at the level of 117 thousand dollars. The analyst based this on the fact that the DXY index is not the only factor for the BTC price. According to Peterson, the BTC price is especially affected by the FED's interest rate decisions. When interest rates are high, BTC price also tends to decline.
In addition, the analyst said in his previous analysis that he thought the BTC price would break a new all-time high record within 60 days. At the time of writing this article, BTC is trading at approximately 71 thousand dollars. The record level was recorded as $73,750.
*This is not investment advice.
