Here’s Why Bitcoin Could Hit $100,000 Soon

Renowned economist Timothy Peterson recently shared his insights on Bitcoin's future price trajectory in a statement posted on the social media platform X.

Peterson’s analysis suggests that Bitcoin could see a potential 59% return in the short term if the 6-month median return dips below -20%, potentially driving its price to $100,000 by January.

Further to the attached, here is the short-term trading cycle for #Bitcoin. The median 6-month forward return when this indicator is below -20% is +59%, which would put Bitcoin at $100,000 by January.

All of my work is based on genuine #economic research which can be found at… https://t.co/2cb1zpcCIv pic.twitter.com/eMvwVGoXqa

— Timothy Peterson (@nsquaredvalue) July 15, 2024

He emphasized the significant influence of high-yield (HY) corporate bond rates on Bitcoin’s price dynamics, noting a direct correlation between HY rates and Bitcoin prices.

According to Peterson, higher HY rates indicate increased investor risk appetite, prompting greater investments in assets like Bitcoin.

Peterson’s analysis is based on historical trends, particularly comparing Bitcoin price movements with the ICE BofA US High Yield Index Effective Return, which he considers pivotal in predicting Bitcoin’s price shifts. As HY rates decline, Peterson observes a tendency for Bitcoin’s price to rise substantially.

Moreover, Peterson highlighted a recent record high in Cumulative Net ETF Flows, reinforcing his outlook on Bitcoin’s potential bullish trajectory.