According to Cointelegraph, Bitcoin (BTC) is in the early stages of a bull run, with the potential to reach a $100,000 price within the next three months. Network economist Timothy Peterson, in his latest market analysis on October 24, stated that the 'ignition' for a new Bitcoin bull market has already begun. Peterson noted that Bitcoin's current trajectory is not significantly different from previous price paths, challenging the 'diminishing marginal returns' argument. He suggested that a move just above the trend could see BTC/USD hit six figures within 90 days, a prediction he believes is reasonable regardless of geopolitical factors, including the outcome of the upcoming US Presidential Election.
Bitcoin has been consolidating for nearly eight months following its all-time high of $73,800 in March. Despite this, Peterson remains optimistic about future gains, indicating that the real upward movement is yet to come. He dismissed the notion that Bitcoin investors experience lower comparative returns with each cycle, emphasizing that the current run aligns closely with historical trends. Peterson's analysis included a chart comparing BTC price performance since its last macro low in late 2022 to previous cycles, reinforcing his bullish outlook.
While some analysts continue to project high price targets for Bitcoin through 2025, others remain cautious in the short term. Popular traders like Credible Crypto foresee a potential pullback, with a possible return toward the $60,000 mark. However, Peterson considers a drop below $60,000 increasingly unlikely, describing Bitcoin as 'not overpriced.' He highlighted how closely Bitcoin has tracked the two-cycle average in recent weeks, suggesting that its current path was predetermined 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.
