Timothy Peterson says that simulations of data over the last ten years show that Bitcoin will surpass $140,000 by this month.
“There is a 50% chance Bitcoin finishes the month above $140k,” Peterson said In an X-post on Wednesday. “But there is a 43% chance Bitcoin finishes below $136k,” He added.
BitcoinBTC() needs to increase by 14.7% in order to reach $140,000. Its current price is $122,032, a drop from its previous high of $126,200 on Monday, according CoinMarketCap.
Peterson claimed that the simulation proves “half of Bitcoin’s October gains may have already happened. He told Cointelegraph that the simulation uses Bitcoin’s daily price data from 2015 to model how the market behaves over time.
Prediction “Not human emotions or biased opinions”
Peterson said the prediction stemmed from “There are hundreds of simulations that use only real data and not biased opinions or human emotions.”
“The price movements are based upon the real-time volatility of Bitcoin and its rhythm.” he added.
Bitcoin opened Oct. 1 at roughly $116,500, and a rise to $140,000 would represent a 20.17% gain for the month, closely matching Bitcoin’s historical October average.
October has been Bitcoin’s second-best-performing month on average since 2013, delivering typical gains of 20.75%, according CoinGlass
Peterson claims that forecasting avoids “bias” and “noise”.” that influences short-term sentiment.
“It gives you a probabilistic picture that shows where Bitcoin is likely to be valued.” he said.
However, there have been many instances over the years where Bitcoin has diverged from broader market expectations and failed to follow past patterns, even when data suggested otherwise with high confidence.
Broader market remains confident in Bitcoin
Other crypto analysts anticipate a higher price for Bitcoin after it reached an all-time high on Monday before cooling.
Crypto analyst Jelle said in an X post on Tuesday that Bitcoin is retesting the previous all-time highs and may move higher. “The end is near for the bears. Jelle said, “Send it up higher.”
Related: Bitcoin corrects from $125K all-time high: Where will BTC price bottom?
Matthew Hyland, a crypto analyst, expressed a similar view. said The pressure was building up, as stated in a post made on Facebook.”
However, Peterson emphasized that “Markets aren’t random on the short-term.”
“The cycles are linked to liquidity, sentiment, positioning, and other factors. The month of October marks a turning point in institutional capital cycles. It is when the last Q3 portfolio rebalancing occurs, fiscal planning begins for funds and year-end reports are due.
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Source: cointelegraph.com
