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>>Analyst Revises Bitcoin Price Prediction Following Recent Market Dip – What's the Forecast for the Rest of the Month?

Analyst Revises Bitcoin Price Prediction Following Recent Market Dip – What's the Forecast for the Rest of the Month?

crypthub

1 day ago

Price Predictions

Cryptocurrency analyst Timothy Peterson has updated his Bitcoin price forecasts following a recent price decline. An AI-powered model now projects Bitcoin to reach $130,000 by month-end, a 12% increase from its current value of $113,500. Peterson’s model also suggests a December price of $162,000 based on annual seasonality. These predictions follow a broader market downturn impacting both Bitcoin and alternative cryptocurrencies.

October Outlook

The probability of a negative October, termed "Uptober," has increased to 18%. Peterson's model assesses Bitcoin’s price relative to historical data. He believes significant uptrends typically commence during the third week of the month. This analysis comes after substantial price drops within the cryptocurrency market.

Long-Term Value & Methodology

Peterson's forecasts utilize an AI-powered model and incorporate historical data and market conditions. His previous analyses have employed “Metcalfe’s law” to evaluate Bitcoin’s long-term worth. The analyst maintains a positive outlook for Bitcoin’s year-end performance.