$100K BTC price by February ‘completely within reason’
2024.10.25 06:30
Bitcoin (BTC) is only in the initial stages of a bull run and a $100,000 BTC price may come in as soon as three months.
In his latest market analysis on Oct. 24, network economist Timothy Peterson said that “ignition” has already come for a new Bitcoin bull market.
Peterson: Bitcoin bull run “not meaningfully different”
Bitcoin has spent nearly eight months consolidating after its latest all-time high of $73,800 in March.
For Peterson, however, the real gains are still to come — and may even see BTC/USD hit six figures for the first time in the next three months.
“Bitcion’s current run is not meaningfully different than prior price paths,” he wrote on X.
“This puts a big dent in the ‘diminishing marginal returns’ argument.”
BTC/USD chart. Source: Timothy Peterson/X
An accompanying chart compared BTC price performance since its last macro low in late 2022 to previous cycles, with Peterson dismissing the idea that Bitcoin investors see lower comparative returns each cycle.
“A move just above trend puts bitcoin at $100k within 90 days. Completely within reason,” he continued.
The prediction odds are unchanged by geopolitics, Peterson confirming that it is equally likely regardless of the outcome of the US Presidential Election next month.
BTC price nerves persist
As Cointelegraph reported, Bitcoin continues to field various sky-high price targets through 2025.
Related: Bitcoin must hold this 2021 level as traders see BTC price dip ‘over’
Next year is broadly seen as the deadline for the next macro top on BTC/USD, with six-figure estimates increasingly frequent.
Source: Credible Crypto
Others, however, remain cautious in the short term, with popular traders including Credible Crypto seeing a large comedown next.
BTC/USD 1-hour chart. Source: Credible Crypto/X
A chart published on X on Oct. 23 saw a possible return toward the $60,000 mark — something Peterson describes as a boundary, which is now unlikely to be violated.
“A drop below $60k is becoming less and less likely,” he concluded, describing Bitcoin as “not overpriced.”
“Look how closely Bitcoin has tracked the 2-cycle average these past few weeks!” he commented in a separate X post on the same chart.
“Amazing that it is following a path predetermined 4 years ago!”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
