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Renowned Economist Shares the Date He Expects Bitcoin Price to Reach $100,000

source-logo  en.bitcoinsistemi.com 16 July 2024 10:26, UTC

Famous economist Timothy Peterson recently shared his predictions about the future price of Bitcoin (BTC) in his statement on the social media platform X.

According to Peterson, the short-term trading cycle for Bitcoin suggests a +59% return potential if the 6-month median return falls below -20%. This could push the Bitcoin price to $100,000 by January.

Peterson also highlighted the important role of high-yield (HY) corporate bond rates in determining Bitcoin's price direction. These rates reflect broader investor sentiment and risk tolerance in financial markets. Peterson's analysis revealed a positive correlation between HY rates and Bitcoin price; This shows that as HY rates increase, the Bitcoin price also increases. According to the analyst, this relationship is supported by an exponential trend line that indicates that higher risk appetite in the bond market could lead to increased investments in riskier assets such as Bitcoin.

Further supporting this observation, Peterson noted similar trends in the price movements of HY rates and Bitcoin over time. The benchmark he uses for this analysis is the ICE BofA US High Yield Index Effective Return. According to Peterson, this rate is more decisive than others regarding Bitcoin's price movements. As this rate decreases, Bitcoin price tends to rise significantly.

Additionally, Peterson noted that Cumulative Net ETF Flows hit an all-time high last week.

*This is not investment advice.

en.bitcoinsistemi.com