An analyst who made a bold Bitcoin price prediction for 2024 now expects it to hit $1.5 million by 2035. According to Timothy Peterson, Bitcoin’s network growth will drive its price into seven-digit figures over the next decade. Here are the details…
Timothy Peterson Updates His Bold Bitcoin Price Prediction
Timothy Peterson has presented an extremely optimistic forecast for Bitcoin’s future. Based on the growth of Bitcoin’s network, he predicts BTC will reach $1.5 million by 2035. In a January 8th post on X (formerly Twitter), Peterson emphasized this, stating, “Within 10 years, meaning by 2035, Bitcoin will reach $1.5 million. You can trust me on this—I can tell you it will happen.”
Peterson uses his proprietary model, which places the expansion of Bitcoin’s network at the center of its value proposition, to project this future value. He predicts the BTC/USD pair will rise 15-fold over the next decade, stressing that Bitcoin is destined for a significant value surge, ultimately reaching $1.5 million.
Metcalfe’s Law as a Value Model for Bitcoin
Peterson, known for his paper Metcalfe’s Law as a Model for Bitcoin Value, argues that the global spread of Bitcoin is only a matter of time. In a paper published in 2018, he stated that Bitcoin’s expanding network would lead to a significant increase in global adoption over time. He wrote, “Traditional currency models do not work with Bitcoin. However, the mathematical laws describing network connections provide a strong explanation of Bitcoin’s value.”
Peterson’s Past Predictions
Peterson has made notable predictions about Bitcoin’s future price in the past. In 2020, he forecasted that BTC/USD would never drop below $10,000, a prediction that proved accurate. Last year, he correctly identified the September dip in Bitcoin’s price. However, Peterson also highlighted Bitcoin’s overall performance in 2023, stating that he did not expect any significant developments after this dip. For 2024, he predicted no major market activity.
Peterson’s latest comments take into account the potential for further Bitcoin price dips. Some analysts anticipate BTC pulling back to its former all-time high of $73,800. On the other hand, more optimistic perspectives foresee Bitcoin recovering and reaching new heights.
Insights on Short-Term and Long-Term Trends
Keith Alan, co-founder of Material Indicators, is among those expecting Bitcoin to dip further. In a recent post, Alan stated: “This bottom is not completely over. Short-term factors are suppressing the price. Investors are focusing on buying at lower levels. A pullback to $86,500 would mark a 20% correction from the ATH. If this level doesn’t hold, the CME gap could see it drop to as low as $77,900.” These predictions highlight Bitcoin’s potential short-term volatility while offering clues for analyzing the factors behind a potential rise to $1.5 million.
Factors Impacting Bitcoin’s Price
In the meantime, the anticipated sale of BTC seized during the Silk Road case poses potential selling pressure on Bitcoin’s price. However, some experts argue this may not have a significant impact. For a detailed analysis, see our article at Kriptokoin.com.
