The Bitcoin rumblings have begun, and it’s looking like a serious charge is building up for BTC bulls. Timothy Peterson, an economist tracking network patterns, is ringing the bell on an imminent bull rally. As he put it in his Oct. 24 analysis, the “ignition” phase of a bull run is firing up, setting the stage for Bitcoin to hit $100,000 in the next three months.
Bitcoin spent almost eight months consolidating after its high of $73,800 in March. But if Peterson’s reading is right, the gains are primed for takeoff, with BTC eyeing the six-figure mark for the first time. According to him, this bull path “is not meaningfully different than prior price paths.” This line of thought takes a crack at the theory that Bitcoin’s returns diminish with each new cycle.
No Politics in Play, Only Pure BTC Trajectory
Unlike previous cycles, Peterson claims that external influences—especially U.S. politics—don’t sway his model. He anticipates BTC’s price path won’t hinge on the U.S. presidential election outcomes. As Peterson asserts, Bitcoin’s chance of hitting $100k remains steady, with no added sway from political outcomes.
His accompanying chart, shared on X, places Bitcoin’s current price trends against prior cycles, making the case that BTC’s macro low at the end of 2022 set up its current trajectory. His calculation? A nudge above trend brings Bitcoin within spitting distance of $100k in roughly 90 days. Completely feasible, he says, given how BTC has moved in similar phases before.
Traders Hold Cautious Stance as Bull Predictions Fly
Though the buzz around Peterson’s forecast is tangible, not everyone’s on board with the sky-high targets. Some traders, like Credible Crypto, still foresee a potential pullback. A chart shared on Oct. 23 points to a possible retreat toward the $60,000 level—an outcome they say could temper overzealous price targets. Yet, Peterson maintains his stance, suggesting a drop below $60,000 is an unlikely scenario.
In his view, Bitcoin’s stability reflects its recent “2-cycle average” movements, which, as he wrote on X, “predetermined” BTC’s path four years ago. The crypto is following this historical curve almost to a T. According to Peterson, Bitcoin isn’t overvalued, and with this alignment, he argues, BTC holders might just be on the verge of witnessing a classic, high-velocity bull run.
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