Crypto Analyst: 90% Chance Bitcoin (BTC) Never Closes Below $11k
John P. Njui • BITCOIN (BTC) NEWS • OCTOBER 13, 2020
- Timothy Peterson of Cane Island Alternative Advisors has given Bitcoin a 90% chance at staying above $11k
- Bitcoin’s lowest price forward is $11,004 using Metcalfe’s law
- Mr. Peterson has used Metcalfe’s law to correctly forecast Bitcoin’s price movement since 2018
- He has predicted that Bitcoin will be valued at $12k by November 30th, 2020
In an October 11th Twitter thread, Crypto Analyst Timothy Peterson forecasted that Bitcoin had a 90% chance of continuing to trade above $11k and never dropping below this value ever again.
For his analysis of Bitcoin, Mr. Peterson has continually used Metcalfe’s law. By using this law, he has calculated that Bitcoin’s lowest price moving forward is approximately $11,004. Below is Mr. Peterson’s first tweet in the informative Bitcoin thread that provides a clear illustration of his method of analysis.
Bitcoin’s #10kCountdown on Twitter
Additionally and from around June this year, Mr. Peterson has used the #10kCountdown hashtag on Twitter to demonstrate his use of Metcalfe’s law to forecast Bitcoin’s journey towards $10k. He correctly predicted that Bitcoin would successfully break this psychological price zone and turn it into a support zone.
Bitcoin at $12k By November 30th
In the aforementioned 10 part twitter thread, Mr. Peterson gives a $12k forecast for Bitcoin by November 30th this year using his Metcalfe’s model.
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.
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.
Anyone interested in learning more about his Metcalfe model, Mr. Peterson has provided this link to his publicly available research papers on Bitcoin and its valuation using Metcalfe’s law. Mr. Peterson has also used the Metcalfe model to forecast the value of other digital assets such as ChainLink (LINK), Ethereum (ETH) and XRP.
Article re-posted on Markethive by Jeffrey Sloe
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