Crypto Analyst: Bitcoin (BTC) is 2 wks from $11k and 2yrs from $37k
2 min read
Quick take:
- Timothy Peterson has used Metcalfe’s law to predict that Bitcoin is 2 weeks away from $11k
- Additionally, and using his model, BTC is 2 months from hitting $12k and 2 years from $37k
- Mr. Peterson’s Metcalfe model has been successful in predicting Bitcoin’s value based on network activity
- In another analysis, he anticipates that once Bitcoin holds $11k, its value will rise by $1,000 every 50 – 60 days
Veteran crypto analyst, Timothy Peterson, has provided valuable information regarding the future price of Bitcoin (BTC). In a Tweet this past Sunday, Mr. Peterson used his Metcalfe model to predict that Bitcoin is two weeks from reclaiming $11,000. Additionally, he anticipates that Bitcoin will retest $12,000 in two months and ultimately be valued at $37,000 in two years.
Below is his tweet making the predictions.
#bitcoin is
2 weeks from 11K
2 months from 12K
2 years from 37K https://t.co/uhda2saEWg— Timothy Peterson (@nsquaredcrypto) September 27, 2020
‘Metcalfe’s Law as a Model For Bitcoin’s Value’
Mr. Peterson has reminded his followers on numerous occasions that his analysis of Bitcoin is based on Metcalfe’s law and should not be treated as financial advice. Investors who are interested in learning more about his methods can read about it in his informative research paper titled ‘Metcalfe’s Law as a Model for Bitcoin’s Value’. Below is a brief excerpt from the Abstract of the research paper.
Bitcoin is modeled as a token digital currency, a medium of exchange with no intrinsic value that is transacted within a defined electronic network. Per Metcalfe’s law, the value of a network is a function of the number of pairs transactions possible, and is proportional to n-squared.
Once Bitcoin Hits $11k, Its Value Could Grow by $1k per 50 – 60 Days
Mr. Peterson has also used his Metcalfe method to explain that once Bitcoin confidently reclaims $11,000, its value could be on a path to gain $1,000 every 50 – 60 days. His analysis can be found in the following tweet which also provides a link to a list of his research papers that focus on Bitcoin, ChainLink, and what influences their value in the crypto markets.
We are < 30 days from #bitcoin > 11k "forever". It will get interesting because bitcoin will show $1,000 gains every 50-60 days +/-. That is the nature of compound growth. Like viral spread: suddenly overwhelming.
"Bitcon's price is never looking back" https://t.co/aaCqAGEbFd
— Timothy Peterson (@nsquaredcrypto) September 19, 2020
