New Record Forecast for Bitcoin Within 90 Days: Renowned Analyst Expects a Drop to This Level First
Crypto analyst Timothy Peterson suggests that the price of Bitcoin (BTC) could reach an all-time high ($ATH) within the next 90 days, while also sharing a notable price target for a potential short-term decline.
Peterson argued that a new record might be imminent by examining Bitcoin’s past price movements. According to the analyst, in past cycles, whenever Bitcoin recovered from a point where it was 50 percent below its all-time high and rose to 30 percent below the peak, it invariably recorded a new $ATH.
Peterson noted that in all of the historical examples in question, Bitcoin hit a new record high within 75 days at the latest, with a median of only 24 days. Arguing that this statistic holds true under different macroeconomic conditions, the analyst stated that in past examples, Bitcoin reached new highs directly without retracing to a new cycle bottom.
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Peterson stated that the critical threshold for Bitcoin is around $88,000, predicting that the price could surpass this level later in October. According to the analyst, breaking above this level would signal that a new all-time high is imminent.
On the other hand, Peterson also answered a question regarding how low Bitcoin could fall in its current correction.
When a user asked if Bitcoin would drop to the mid-$70,000 level before returning to an uptrend, Peterson indicated $77,000 as a possible bottom.
*This is not investment advice.
