Bitcoin is currently experiencing the early phases of a bull market, and a BTC price of $100,000 might be in reach within three months.
In his most recent market analysis on October 24, network economist Timothy Peterson remarked that the “ignition” for a new Bitcoin (BTC) bull market has already occurred.
Peterson: Bitcoin bull run is “not meaningfully different”
After reaching an all-time high of $73,800 in March, Bitcoin has spent almost eight months consolidating.
However, Peterson believes that the significant gains are still to come — and he suggests that BTC/USD could reach six figures for the first time in the next three months.
“Bitcoin’s current trajectory is not meaningfully different from previous price trends,” he stated on X.
“This significantly challenges the ‘diminishing marginal returns’ argument.”
BTC/USD chart. Source: Timothy Peterson/X
An accompanying graph illustrated BTC price movements since its last macro low in late 2022 compared to earlier cycles, with Peterson rejecting the notion that Bitcoin investors experience lower comparative returns in each cycle.
“A move just above the trend could place Bitcoin at $100k within 90 days. This is entirely reasonable,” he expressed.
Peterson indicated that his prediction probabilities remain unaffected by political events, asserting that they are equally likely, irrespective of the outcome of the upcoming US presidential election next month.
Nerves Around BTC Price Persist
As reported by Cointelegraph, Bitcoin continues to attract a variety of optimistic price predictions through 2025.
Related: Bitcoin must maintain this 2021 level as traders anticipate a BTC price dip ‘over’
Next year is generally regarded as critical for the next macro top on BTC/USD, with predictions of six-figure prices becoming more common.
Source: Credible Crypto
Nevertheless, some traders remain cautious in the short term, with analysts like Credible Crypto predicting a substantial decline ahead.
BTC/USD 1-hour chart. Source: Credible Crypto/X
A chart shared on X on October 23 indicated a potential retreat towards the $60,000 level — a boundary Peterson believes is unlikely to be breached.
“Dropping below $60k is becoming increasingly improbable,” he stated, asserting that Bitcoin is “not overpriced.”
“Observe how closely Bitcoin has aligned with the 2-cycle average in recent weeks!” he noted in another post on X regarding the same chart.
“It’s remarkable that it is following a path that was predetermined four years ago!”
This article does not offer any investment advice or recommendations. All investment and trading activities carry risks, and readers should perform their own due diligence before making decisions.
