March 28, 2024

With a 90% probability, the price of bitcoin will no longer fall below $ 11,000

With a 90% probability, the price of bitcoin will no longer fall below $ 11,000

Timothy Peterson, manager of Cane Island Alternative Advisors, is convinced that the price of Bitcoin (BTC) with a 90% probability will not go downbelow the $11,000 mark.

He said the strength of BTC support at $11,000 was due to "long-term, fundamental trends."In his study, Peterson relied on specific arguments in favor of the main cryptocurrency, we will analyze the main ones.

Before bitcoin broke the $ 11,000 level, there was a 90% chance that the price would not fall below $ 10,000. By now, this figure has risen to 98%, according to Peterson's calculations.

With a 90% probability, the price of bitcoin will no longer fall below $ 11,000

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Previously, the researcher used Metcalfe's Law todetermining periods of suspected market manipulation in 2013. As input values, he used the number of Bitcoin wallets on the blockchain.com service.

According to him, the Metcalfe's Law approach to pricing helped successfully predict the price of BTC at the end of 2018 and 2019.

Peterson stressed that his forecast for 2020 was presented on January 3, 2019, "in honor of the tenth anniversary of the Bitcoin genesis block."

In an article published in June 2020, “Why Bitcoin's Price Never Looks Back,” the researcher clarified the forecast for November.

According to Peterson, on November 30, 2020, the price of bitcoin will be above $ 12,000 with a 90% probability.

The screenshot shows that the researcher is confident that Bitcoin will reach the $ 100,000 mark in January 2024 and $ 1 million in March 2028.

"Metcalfe's Law is a mathematical and scientific fact, like gravity or E = mc²"Peterson emphasized.

To the next tweet, the researcher attached a video briefly describing how Metcalfe's Law works in the case of Bitcoin.

Valuing Bitcoin: Metcalfe's Law at Work from Cane Island on Vimeo.

Finally, Peterson promised to release forecasts for 2022 for Bitcoin, Ethereum and Chainlink in January.

Let us remind you that the Winklevoss brothers are confident that the price of Bitcoin can exceed the $500 thousand mark. In their opinion, the first cryptocurrency is superior to gold as a store of value.

With a 90% probability, the price of bitcoin will no longer fall below $ 11,000

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