Coin World reported:
It is expected that Bitcoin will rebound to over $50,000 by October, with a 60% likelihood. Peterson also believes that Bitcoin has a 25% chance of reaching a new all-time high during the same period.
As of the time of writing, the trading price of Bitcoin (BTC) has risen to over $57,000, marking a significant recovery from last week’s crash. The crash last week caused Bitcoin to fall to $53,000, the last observed price point in February.
Given the early signs of continued decline today, the drop to $54,320 within 24 hours is particularly noteworthy.
In light of recent volatility, respected Bitcoin analyst and economist Timothy Peterson has made optimistic predictions about the trajectory of cryptocurrencies entering the fourth quarter of 2024.
Peterson suggests that the bullish sentiment for Bitcoin will make a strong comeback, especially noting the significance of its performance in the coming months.
Analyzing the potential surge of Bitcoin
Peterson’s analysis provides a hopeful outlook for Bitcoin enthusiasts and investors.
He believes that if Bitcoin can surpass the $50,000 threshold by the end of July, it is highly likely that the cryptocurrency will maintain or exceed this level by October.
According to his statistical model, there is a 60% chance of Bitcoin’s price climbing within the next three months after a 25% drop from its all-time high (ATH).
Peterson assumes that there is a 25% chance for Bitcoin to set a new ATH during this period.
While the likelihood of Bitcoin reaching $100,000 is not high, there is still a 10% chance, adding excitement to the predictions and speculations surrounding this asset’s future.
Is BTC ready for a potential surge?
Apart from the predictions, the fundamentals of Bitcoin provide insights into its ability to achieve these optimistic goals.
Data from market intelligence platform Santiment shows that wallets holding over 10,000 Bitcoins have benefited greatly from recent market volatility.
These large holders have accumulated 12,450 BTC in the past six weeks.
This accumulation indicates a 1.05% increase in the total supply of Bitcoin, suggesting strong confidence from major investors and possibly signaling a bullish market.
Such changes often indicate that large holders, including liquidity providers on exchanges, anticipate a price increase or significant market changes.
Furthermore, as of the time of writing, Bitcoin’s Network Value to Transactions (NVT) ratio stands at 36.1, providing further clues for the valuation of the cryptocurrency.
The NVT ratio helps assess whether a coin is overvalued or undervalued by comparing market capitalization to transaction volume on the blockchain.
A lower NVT ratio typically indicates a healthy network with higher transactions relative to market value, suggesting that the asset is undervalued and may experience price appreciation.
Regarding short-term predictions, AMBCrypto reports that Bitcoin does not have enough demand in the short term to sustain a rally above $60,000.
