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.
1/10 Today, the 11th, is #Bitcoin $11K day. There is a 90% chance that bitcoin will never again close below $11K. I’m stopping the #10KCountdown pic.twitter.com/eBt54xrA9e
- Timothy Peterson (@nsquaredcrypto) October 11, 2020
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.
</p>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.
3/10 Since then I have correctly forecast #bitcoin year-end prices in 2018… pic.twitter.com/9iSPuM4sYz
- Timothy Peterson (@nsquaredcrypto) October 11, 2020
Peterson stressed that his forecast for 2020 was presented on January 3, 2019, "in honor of the tenth anniversary of the Bitcoin genesis block."
4/10 …and in 2019. Note the 2020 #bitcoin forecast. This report was released Jan 3 2019, in honor of the genesis block 10th anniversary. pic.twitter.com/2zYL455PVg
- Timothy Peterson (@nsquaredcrypto) October 11, 2020
In an article published in June 2020, “Why Bitcoin's Price Never Looks Back,” the researcher clarified the forecast for November.
5/10 In June 2020 I used Metcalfe's law to forecast *daily* #bitcoin prices through November https://t.co/87wc13s8Ur pic.twitter.com/4aHEuNtNgp
- Timothy Peterson (@nsquaredcrypto) October 11, 2020
According to Peterson, on November 30, 2020, the price of bitcoin will be above $ 12,000 with a 90% probability.
6/10 On November 30th, 2020, #Bitcoin‘sprice will be at or above $12,000 (90% probability). Write it down, screenshot it, whatever. I don’t care if you believe me or not. pic.twitter.com/EpmDdAPu2T
- Timothy Peterson (@nsquaredcrypto) October 11, 2020
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.
7/10 Metcalfe's law is a mathematical andscientific fact, like gravity and E=mc2. I wrote 80+ pages of #bitcoin research backed by thousands of pages of supporting financial economics, as well as taught 2 semesters of MBA courses on network valuation. https://t.co/n9atKeSuMP pic.twitter.com/14P4S8UgSK
- Timothy Peterson (@nsquaredcrypto) October 11, 2020
"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.
10/10 You’ll see some amazing things happenwith #bitcoin in 2021. In January 2021 I’ll release the reports for Bitcoin 2022, Ethereum 2022, and Chainlink 2022. Keep an eye out for them here: https://t.co/lJqaoWXghE and follow @canedigital for news and updates. pic.twitter.com/v2NNnJlzyJ
- Timothy Peterson (@nsquaredcrypto) October 11, 2020
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.
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