Economist Timothy Peterson Sees Bitcoin Rallying Towards $122,000 By Year-End

(MENAFN- AsiaNet News)

Timothy Peterson stated that his analysis points to higher Bitcoin trade over the next 10 months under current conditions.

His model counts how many of the past 24 months were positive and identifies readings near 50% as potential transition points.

Amid this bullish prediction, Google Trends data showed searches for“Bitcoin Is Dead” have recently reached their highest level since the FTX collapse.

As ‘Bitcoin Is Dead’ searches hit a record high, one economist believes that Bitcoin (BTC) could trade higher over the next 10 months and hit $122,000.

On Saturday, Timothy Peterson shared his view, based on a model that analyzes Bitcoin’s monthly price history. Based on historical data going back to 2011, he said similar conditions have previously aligned with stronger forward returns, with his analysis pointing to an average gain of around 82%, which would imply a price near $122,000 from Bitcoin’s current price.

Peterson’s model points to an 88% chance Bitcoin trades higher in 10 months, with average upside near $122,000. Source: @@nsquaredvalue/x

As of writing, Bitcoin (BTC) was trading at $68,011.79, up by 0.2% in the past 24 hours. The risk asset saw a total liquidation of $20.36 million in the past 24 hours. On Stocktwits, the retail sentiment around Bitcoin remained in ‘bearish’ territory, with chatter at ‘low’ levels over the past day.

“Data goes back to 2011,” Peterson added, referring to the fact that the data included for the prediction covered multiple market cycles and not just the recent cycle.

Peterson shared that this“informal metric” he uses to track Bitcoin cycles counts how many of the past 24 months closed in positive territory, focusing on the frequency of positive returns rather than the size of gains. He stated that the metric can decline even if Bitcoin trades sideways for an extended period, since it only measures how often monthly returns are positive.

“But it is still very useful for identifying inflection points,” he added, referring to how the metric has been useful in identifying potential market shifts.

Is Bitcoin Dead? Google Trends Searches Surge

Meanwhile, on Saturday, Google Trends data showed that searches for the phrase“Bitcoin Is Dead” had risen to their highest level since the FTX collapse, as per reports. Similar spikes had appeared in the past during uncertain or slow market periods. This increase in negative searches comes even though Peterson’s cycle data suggested Bitcoin may be entering a new phase.

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