After the recent decline in Bitcoin’s value, cryptocurrency expert Timothy Peterson has revised his forecasts.
Peterson’s latest AI-driven prediction model estimates that Bitcoin could reach $130,000 by the end of the month. This would be an approximate 12% increase from its current price of $113,500.
Nonetheless, Peterson highlighted that there is now an 18% chance for October to close on a negative note. This month is often referred to as “Uptober” due to its historically bullish trend.
The analyst explained that according to his model assessing Bitcoin’s yearly patterns, it remains aligned with the 30th percentile. This suggests a potential price point of $162,000 by December.
Peterson commented:
“Based on historical trends and present market dynamics, a positive conclusion for this year seems highly likely. However, significant upward movements usually commence in the third week of each month.”
Timothy Peterson has previously been recognized for analyzing Bitcoin’s long-term prospects using models inspired by “Metcalfe’s law.”
*This should not be considered financial advice.