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Cryptocurrency News Articles
Bitcoin (BTC) Price Could Hit $100,000 in 90 Days, Regardless of US Election Outcome: Analyst Timothy Peterson
Oct 26, 2024 at 03:00 pm
Crypto analyst Timothy Peterson suggests that BTC's current price movement is not substantially different from previous trends, raising questions about the "diminishing marginal returns" theory.
Crypto analyst Timothy Peterson believes Bitcoin (BTC) could rally to the $100,000 mark within 90 days.
Peterson’s analysis is based on BTC’s current price trajectory, which he claims is not substantially different from previous trends. This observation raises questions about the “diminishing marginal returns” theory, which suggests that each halving cycle leads to smaller successive price gains.
From an investor’s perspective, this theory implies that Bitcoin’s early cycles of massive gains could decrease over time as the digital asset’s total market cap matures and its supply shocks have a reduced impact on driving up demand.
However, Peterson’s assessment appears to dismiss this theory.
To recall, BTC made its all-time high (ATH) of $73,737 in March 2024. Since then, the leading cryptocurrency has been consolidating for almost eight months in a wide price range, reaching as low as $54,000.
At the time of writing, BTC trades at $67,998, about 10% lower than its ATH.
Peterson’s analysis suggests that BTC’s movement just above the red trendline would put the digital asset at $100,000 within 90 days. The analyst adds that such a move will be “completely within reason.”
A conservative scenario puts bitcoin at $100k around February.
I think this happens regardless of the US election outcome.
Moreover, the analyst suggests that other data-driven metrics he’s monitoring indicate BTC is not overpriced at its current market valuation, and the probability of a drop below $60,000 is becoming increasingly unlikely.
Focus On BTC Year-End Price Predictions
While Peterson envisions BTC nearing $100,000 within three months, other analysts and industry insiders have varying expectations.
For instance, options market traders expect BTC to break through its previous ATH by November end, no matter who becomes the next US president.
Similarly, in a recent client memo, Bitwise CIO Matt Hougan outlined several factors that could force BTC to “melt-up” to $80,000 in Q4 2024.
These factors include the potential victory of Republican candidate Donald Trump, additional interest rate cuts by the U.S. Federal Reserve (Fed), and an extended period free of major negative developments in the crypto sector.
Besides the aforementioned factors, the optimism toward a year-end BTC rally is also fueled by rising retail demand for the premier digital asset.
Recent analysis by CryptoQuant highlighted that Bitcoin transactions worth less than $10,000 are on an uptrend, indicating renewed retail demand as the market gradually pivots from risk-off to risk-on mode.
BTC trades at $67,998 on the daily chart at press time, up 1.1% in the past 24 hours.
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