The good news : Bitcoin (BTC) should reach the million dollar a little earlier than expected. The bad : 100,000 USD, you will have to wait a little longer. Timothy Peterson shares his forecast for a BTC that should never drop below $ 11,000 again.
Become a millionaire in 2028
The manager of Cane Island Alternative Advisors, Timothy Peterson, posted on Twitter that there was a good chance that the Bitcoin no longer go below 11,000 USD.
Source : Image via Twitter
The model of Peterson predicted that the price of Bitcoin will hit $ 12,000 at the end of November 2020 and hit $ 1 million within a decade.
Lanalyst maintains that his model’s predictions, created in 2017, have so far been relatively correct.
In 2018, the model predicted a price of 3,500 USD when the actual price was at 3,782 USD, a difference of 7%.
In 2019, Peterson predicted an average price of $ 7,000 for the end of the year and Bitcoin was around $ 7,243 as of December 31.
If we believe his calculations, the price is expected to be 100,000 USD in January 2024 and 1 million USD in March 2028.
The model of Peterson is based on the law of Metcalfe according to which the value of a communication network is proportional to the square of its number of users.
The analyst maintains that the demand for Bitcoins can be measured by the number of wallets.
This model “ Lowest price forward “Is a direct competitor of” Stock-To-Flow ” of PlanB which predicts a course of 288,000 dollars until the next halving.
The name of followers of Peterson is now much lower than that of PlanB, 7,718 against 139,200.
Despite the differences in method, forecasts point to the same trend: an upward trajectory for the price of Bitcoin.
Does Peterson deserve as much, if not more success than PlanB on Twitter? Once Bitcoin climbs to $ 100,000, from that point on, BTC will have largely proven what it is capable of and, therefore, it is no wonder that it can then claim the million dollars faster. But between the current 11,000 USD and the 100,000 USD, there is still a way. And it won’t be a walk in the park.