Analyst Expects Bitcoin to Reach $1.5 Million by 2035
09 Jan, 2025 ● Crypto people
Bitcoin has a bold new seven-figure price prediction, as a prominent industry commentator reiterates confidence in its long-term potential.
In a Jan. 8 X post, network economist Timothy Peterson, author of the paper “Metcalfe’s Law as a Model for Bitcoin’s Value,” unveiled a $1.5 million price target for Bitcoin. Based on his model, which emphasizes network expansion as the core driver of Bitcoin’s value, Peterson forecasted that Bitcoin would reach $1.5 million per coin within 10 years.
“The year is 2035. Bitcoin is at - and you can hold me to this - $1.5 million,” he commented, adding humorously, “And somewhere someone is asking ‘Is now a good time to buy Bitcoin?’”
Peterson has long been recognized as a Bitcoin bull. His 2018 paper on Metcalfe’s Law proposed that Bitcoin’s global adoption was inevitable, stating, “Traditional currency models fail with bitcoin, but various mathematical laws which explain network connectivity offer compelling explanation of its value.”
Peterson’s track record includes accurate predictions, such as his Lowest Price Forward indicator in 2020, which correctly anticipated that BTC/USD would never drop below $10,000 again.
In 2022, he also predicted Bitcoin’s local price bottom to within eight days when it occurred in September.
Despite his optimism for Bitcoin’s future, Peterson recently described Bitcoin’s Q4 performance as “nothing special” in a Jan. 2 X post. “In fact, it was the second-worst ‘Up’ quarter out of the past 10,” he noted.
Predictions for Bitcoin’s short-term performance are mixed as the bullish momentum from Q4 has cooled.
Some analysts foresee the possibility of a deeper correction, with targets as low as Bitcoin’s previous all-time highs near $73,800.
Others remain optimistic, citing the upcoming inauguration of U.S. President-elect Donald Trump as a potential catalyst for renewed upside momentum.
Keith Alan, co-founder of Material Indicators, summarized his cautious outlook in a Jan. 9 X post: “TLDR: This dip isn’t done dipping.”
Alan highlighted “price suppression” as a current obstacle, with buyers waiting to enter at lower levels than the current $92,000.
“There’s no telling whether or not this move will develop into the deep correction we’ve been expecting, but as a point of reference, a move to $86.5k would represent a 20% correction from the ATH,” he explained, adding;
“If that level doesn’t hold, then I think the CME Gap down to $77.9k could come into play.”
With perspectives ranging from long-term optimism to near-term caution, Bitcoin’s price trajectory remains a key topic for traders and investors alike.
Sources:
https://cointelegraph.com/news/bitcoin-will-hit-1-5-m-by-2035-analyst-2024-bounce
https://x.com/nsquaredvalue/status/1877085327807979726
https://caia.org/sites/default/files/metcalfeslaw_websiteupload_7-5-18.pdf
https://x.com/nsquaredvalue/status/1818602397628833976
