Cryptocurrency economist Timothy Peterson has offered a bullish outlook for Bitcoin, suggesting the cryptocurrency could reach $100,000 by February 2024. In a recent statement, Peterson outlined his analysis based on a basic trendline he developed for the 2023-2024 period.
Peterson dismisses the “diminishing marginal returns” argument, which suggests that Bitcoin’s price gains will decrease over time. He argues that Bitcoin’s current price trajectory is consistent with previous patterns, indicating continued potential for significant growth.
“Bitcoin’s current run is not meaningfully different than prior price paths,” Peterson stated. “This puts a big dent in the ‘diminishing marginal returns’ argument.”
According to Peterson’s analysis, a move slightly above the established trendline could propel Bitcoin to $100,000 within the next 90 days. He considers this scenario “completely within reason.”
Even under a more conservative projection, following the trendline suggests Bitcoin could still reach the $100,000 mark around February 2024. Importantly, Peterson believes this outcome is likely regardless of the results of the upcoming US elections.
Furthermore, Peterson asserts that based on other metrics he tracks, Bitcoin is not currently overpriced. He notes that the probability of a price drop below $60,000 is decreasing.
