en.bitcoinsistemi.com
Cryptocurrency analyst Timothy Peterson has highlighted the potential price action for Bitcoin ($BTC) tomorrow, September 24. Peterson noted that historical data points to a clear cyclicity in Bitcoin's performance.
According to the analyst, Bitcoin typically sees a 53% gain on any given day, with a typical gain of +0.10%. However, the situation is different on September 24th. On that date, Bitcoin lost 64% of its value, with a typical decline of -1.50%.
Peterson also argued that Bitcoin has historically lost value every time between September 16th and 23rd, with an average drop of 5% during this period. He claimed that this prediction was confirmed by the recent drop in the $BTC price.
Peterson, who stated that he distances himself from technical analysis methods, said, “I don't believe in technical analysis, I believe in repeating cycles.” The analyst stated that his chart shows that Bitcoin could reach $200,000 within 170 days, and that he sees a probability of this happening as over 50%.
*This is not investment advice.