The manager of Cane Island Alternative Advisors Timothy Peterson is convinced that the price of bitcoin with a 90% probability will not fall below $ 11,000.
1/10 Today, the 11th, is #Bitcoin $ 11K day. There is a 90% chance that bitcoin will never again close below $ 11K. I’m stopping the # 10KCountdown pic.twitter.com/eBt54xrA9e
– Timothy Peterson (@nsquaredcrypto) October 11, 2020
According to him, the strength of the support at the $ 11,000 level is due to “long-term, fundamental trends.”
Before bitcoin surpassed the $ 11,000 level, there was a 10% chance of the price falling below $ 10,000. By now, this figure has dropped to 2%, according to Peterson’s calculations.
Source: Twitter account of Timothy Peterson.
Previously, the researcher applied Metcalfe’s Law to determine the periods of anticipated market manipulation in 2013. He used the number of bitcoin wallets on the blockchain.com service as input values.
According to him, the Metcalfe’s Law approach to pricing helped to successfully predict the price of BTC in late 2018 and 2019.
3/10 Since then I have correctly forecast #bitcoin year-end prices in 2018 … pic.twitter.com/9iSPuM4sYz
– Timothy Peterson (@nsquaredcrypto) October 11, 2020
Peterson released the forecast on January 3, 2019, “in honor of the tenth anniversary of the Bitcoin genesis block.”
4/10… and in 2019. Note the 2020 #bitcoin forecast. This report was released Jan 3 2019, in honor of the genesis block 10th anniversary. pic.twitter.com/2zYL455PVg
– Timothy Peterson (@nsquaredcrypto) October 11, 2020
In an article published in June 2020, “Why Bitcoin’s Price Never Looks Back,” the researcher clarified the forecast for November.
5/10 In June 2020 I used Metcalfe’s law to forecast * daily * #bitcoin prices through November https://t.co/87wc13s8Ur pic.twitter.com/4aHEuNtNgp
– Timothy Peterson (@nsquaredcrypto) October 11, 2020
According to Peterson, on November 30, 2020, the price of bitcoin will be above $ 12,000 with a 90% probability.
6/10 On November 30th, 2020, #Bitcoin‘s price will be at or above $ 12,000 (90% probability). Write it down, screenshot it, whatever. I don’t care if you believe me or not. pic.twitter.com/EpmDdAPu2T
– Timothy Peterson (@nsquaredcrypto) October 11, 2020
The screenshot shows that the researcher is confident that Bitcoin will reach the $ 100,000 mark in January 2024 and $ 1 million in March 2028.
7/10 Metcalfe’s law is a mathematical and scientific fact, like gravity and E = mc2. I wrote 80+ pages of #bitcoin research backed by thousands of pages of supporting financial economics, as well as taught 2 semesters of MBA courses on network valuation. https://t.co/n9atKeSuMP pic.twitter.com/14P4S8UgSK
– Timothy Peterson (@nsquaredcrypto) October 11, 2020
“Metcalfe’s Law is a mathematical and scientific fact, like gravity or E = mc²,” Peterson said.
To the next tweet, the researcher attached a video briefly describing the workings of Metcalfe’s Law in the case of Bitcoin.
Finally, Peterson promised to release forecasts for 2022 for Bitcoin, Ethereum and Chainlink in January.
10/10 You’ll see some amazing things happen with #bitcoin in 2021. In January 2021 I’ll release the reports for Bitcoin 2022, Ethereum 2022, and Chainlink 2022. Keep an eye out for them here: https://t.co/lJqaoWXghE and follow @canedigital for news and updates. pic.twitter.com/v2NNnJlzyJ
– Timothy Peterson (@nsquaredcrypto) October 11, 2020
Recall that the Winklevoss brothers are confident that the price of bitcoin can overcome the $ 500 thousand mark. According to them, the first cryptocurrency is superior to gold as a store of value.
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