Bitcoin's price is predicted to reach $1.5 million by 2035, according to Timothy Peterson, who uses Metcalfe’s Law to forecast this growth. This law suggests that the network's value increases exponentially as more users join. Currently, Bitcoin is experiencing a pullback into the low $90,000 range, but long-term believers remain optimistic.
Peterson's bullish stance is emphasized by his publication, "Metcalfe’s Law as a Model for Bitcoin’s Value," which demonstrates the applicability of mathematical laws to predict Bitcoin's value rather than traditional currency models. Despite substantial liquidations in recent times, Bitcoin enthusiasts look forward to potential future gains.
Crypto analyst Keith Alan observes sell-side pressure that suggests further dips, possibly rebounding from $91,500 or $86,500 levels. Ali Martinez presents a contrasting view, forecasting a rise to $275,000 based on chart patterns. However, the current climate of liquidations and price drops keeps the market tense yet hopeful for upward movement.
