Bitcoin is poised for a significant price surge, reaching $1.5 million by 2035, according to Timothy Peterson, a noted network economist. Known for his earlier accurate predictions, including the anticipated 2024 market rebound, Peterson bases his latest forecast on network expansion models, central to Bitcoin’s future valuation.
Peterson, the author of the influential paper “Metcalfe’s Law as a Model for Bitcoin’s Value,” has long suggested that Bitcoin’s global proliferation is inevitable. His predictions stem from network connectivity laws, which he argues provide a robust framework for understanding Bitcoin’s potential value, surpassing traditional currency models.
In previous years, Peterson’s analytical tools accurately predicted the floor price for Bitcoin, notably asserting in 2020 that BTC/USD would not dip below $10,000—a claim later vindicated.
Despite the optimistic long-term forecast, the short-term outlook for Bitcoin is less certain. The recent bull run has cooled, and market analysts present a mixed view for the upcoming year. While some anticipate further corrections, potentially revisiting previous all-time highs, others foresee a resurgence triggered by political shifts, such as the upcoming inauguration of US President-Elect Donald Trump.
Keith Alan, co-founder of Material Indicators, suggests ongoing price suppression might delay a recovery, with potential downward adjustments to $86.5k or even $77.9k, contingent upon market dynamics and investor behavior.
As always, readers are encouraged to conduct their research before making investment decisions, as every move in the volatile cryptocurrency market carries inherent risks.
