Timothy Peterson says that simulations of data over the past decade 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 also added.
BitcoinBTCAt its current value of $122,032, the price has dropped after it reached a record high. $126,200 on Monday, according CoinMarketCap.
Peterson says the simulation is a good example “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 “The simulations are based on data from real world situations, and do not take into account human bias or emotion.”
“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 said that the forecast avoided “bias and sound”” that influences short-term sentiment.
“It gives you a probabilistic picture of Bitcoin’s likely future value.” 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. “Bears are no longer welcome. 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 In an X-post on the same date, “the pressure is increasing.””
However, Peterson emphasized that “Markets aren’t random on the short-term.”
“The cycles are linked to liquidity, sentiment and position. He explained that October has a historical significance because it is the beginning of the institutional capital cycle: end of the Q3 portfolio rebalancing and start of the fiscal year planning.
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Source: cointelegraph.com
