Timothy Peterson, a cryptocurrency expert, pointed out that September 21st serves as a crucial marker for Bitcoin’s trajectory. He suggests that this date signifies the beginning of an upward trend for Bitcoin that is expected to last throughout the year.
Upon reviewing historical trends, Peterson indicated there is a 70% chance that Bitcoin will finish the year on a high note after September 21st. He also noted that during this timeframe, the average increase has exceeded 50%. This phenomenon has been dubbed “Bitcoin Bottom Day” by him.
The analyst observed that such trends were only disrupted in the years 2018 and 2022—both characterized by bearish market conditions—which are not present at this time. Consequently, he raised his estimation of Bitcoin’s chances for a rally following September 21st to an impressive 90%.
Furthermore, Peterson asserted there is nearly a complete certainty (close to 100%) that Bitcoin will maintain its value above current levels not just until year’s end but also over the next six months. Based on these insights, he concluded it’s highly unlikely for Bitcoin to dip below $100,000 again.
*This should not be taken as financial advice.