Famous economist Timothy Peterson made some interesting predictions about the future price of Bitcoin in a recent statement. Known for his illuminating analyzes of cryptocurrency markets, Peterson based his predictions on Bitcoin's historical price behavior.
According to Peterson, Bitcoin price experiences a pullback from the moment it reaches its all-time high, and on average it consistently breaks the all-time high record again after 320 days.
Based on this historical trend, Peterson predicts that the current bull market will end in January 2025.
But Peterson didn't stop there. He also made a bold prediction about Bitcoin's peak value this cycle. “Based on adoption and previous declines, we can predict that the peak value of this cycle will be between $175,000 – $350,000 within the next 9 months,” he said.
But Peterson was careful to qualify his predictions. “That is, if the future is anything like the past,” he added, acknowledging the uncertainty inherent in predicting market trends.
BTC price reached an all-time high in March this year.
*This is not investment advice.