Bitcoin is in the early stages of an uptrend and a $100,000 BTC price could be reached within 3 months.
Network economist Timothy Peterson said in his latest market analysis on October 24 that the ‘ignition’ for a new Bitcoin (BTC) bull market has already arrived.
Peterson: Bitcoin bull market is “not meaningfully different”
Bitcoin has been consolidating for nearly eight months since hitting an all-time high of $73,800 in March.
However, for Peterson, the real gains are yet to come and BTC/USD may hit six figures for the first time in the next three months.
“Bitcion’s current execution is not meaningfully different from its previous price path,” he wrote about X.
“This deals a huge blow to the ‘diminishing marginal returns’ argument.”
BTC/USD chart. Source: Timothy Peterson/X
The attached chart compares BTC price performance since the last macro low in late 2022 to previous cycles, and Peterson dismissed the idea that Bitcoin investors are seeing poor comparative returns from cycle to cycle.
“With a move just above the trend, Bitcoin reached $100,000 in less than 90 days. “It’s completely within reason,” he said.
Peterson said his predicted odds are not driven by politics and ensures the odds are the same regardless of the outcome of next month’s US presidential election.
BTC price nerves persist
As Cointelegraph reported, Bitcoin continues to have various top price targets for 2025.
relevant: Bitcoin should hold its 2021 levels as traders confirm the BTC price decline is over.‘
Next year is generally seen as the deadline for the next macro high in BTC/USD, with six-figure estimates becoming increasingly frequent.
Source: Trusted Cryptocurrencies
However, others remain cautious in the near term as traders, including Credible Crypto, see the next big drop.
BTC/USD 1-hour chart. Source: Credible Crypto/X
A chart posted on X on October 23rd showed a possible return towards the $60,000 level. Peterson describes this as a boundary that is unlikely to be violated.
He described Bitcoin as “not overvalued” and said the “chance of it falling below $60,000 is becoming less and less likely.”
“Look how closely Bitcoin has tracked its two-period average over the past few weeks!” He said this in a separate X post on the same chart:
“It’s amazing that I’m following a path that was predetermined four years ago!”
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.