24.11.2020

Bitcoin has a 10% Chance of Breaking 20k this Year, 90% Chance in 2021

$11k is in Bitcoin’s Rear-View Mirror, $12k Will Be in the Rear View Mirror Next Month

Additionally, and using Metcalfe’s Law, Mr. Peterson has concluded that Bitcoin is unlikely to drop below $11k and $12k could also be in Bitcoin’s ‘rearview mirror’ by next month.

$11k was in the rear view mirror last month and $12k will be in the rear view mirror by next month. There’s enough data now for me to model the adoption curve. Finishing that up and I can estimate #bitcoin‘s saturation (max) price and year.

This in turn means that Bitcoin’s general trajectory is up and the King of Crypto has more or less said goodbye to 4-figure values below $10k.

Quick take:

  • Crypto analyst Timothy Peterson, has forecasted that Bitcoin has a 10% chance at breaking $20k this year
  • These odds increase to 90% for the year 2021
  • Mr. Peterson has also cautioned that Bitcoin could be overpriced by 20% – 50%
  • However, he is optimistic that Bitcoin is unlikely to drop below $12k and $11k

Crypto analyst Timothy Peterson, has once again shared his insightful analysis on the possible market direction of Bitcoin (BTC). According to Mr. Peterson, Bitcoin has a 10% chance of breaking the $20k price ceiling this year. These odds increase to 90% in 2021. Mr. Peterson shared his Bitcoin forecast via the following tweet.

Bitcoin is Overprice by 20% – 50%

In an earlier tweet, Mr. Peterson had cautioned Bitcoin traders and investors that BTC might be overpriced by a factor of 20% to 50% using his Metcalfe Model.

At the time of writing, Bitcoin is trading at $15,300. Therefore, and using the aforementioned percentages, Bitcoin has a Metcalfe value of between $7,650 and $12,240. This does not necessarily mean that Bitcoin will drop to these values. Mr. Peterson uses Metcalfe’s law to determine the value of Bitcoin based on network activity. His model is particularly insightful in terms of determining the value of BTC without the ‘noise’ from news and market activity.

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