As Bitcoin drifts back into the low $90,000 bracket, experts are split on the extent of its potential decline before a rebound. Despite the current volatility, seasoned market observers express unwavering optimism about Bitcoin's long-term ascent to over a million dollars, potentially reaching $1.5 million by 2035.
Timothy Peterson, a noted cryptocurrency enthusiast, predicts that Bitcoin will hit $1.5 million by 2035. His forecast hinges on Metcalfe's Law, suggesting a nearly 15-fold surge from today's value.
Metcalfe's Law posits that a network's value grows exponentially with its user base. In Bitcoin's case, increased adoption translates to escalating worth.
Peterson, author of the influential paper "Metcalfe’s Law as a Model for Bitcoin’s Value," remains bullish on Bitcoin's inevitable global adoption. He argues that while traditional currency models falter with Bitcoin, network connectivity laws provide a compelling value rationale. His track record includes accurately identifying critical market reversals, such as Bitcoin's low point in September last year.
Despite Peterson's optimistic long-range projection, current price dynamics might unsettle Bitcoin enthusiasts. In the last 24 hours, more than $524 million in liquidations have occurred, with $136 million attributable to BTC. Crypto analyst Keith Alan remarked on Bitcoin’s ongoing decline, highlighting active sell-side pressure driving prices down. He shared insights, acknowledging unclear motivations behind buy walls, yet emphasized potential liquidity shifts.
Alan pinpointed $91,500 as a support level, with $86,500 as secondary backing, noting $300 million in bid liquidity in this zone. A rebound could occur here, yet failure might prompt further dips to $77,900 to address the CME gap.
Contrasting Alan's position, Ali Martinez underscored a possible upswing to $275,000, citing a cup and handle pattern on the weekly chart. Currently, Bitcoin stands at $92,805, a 3.3% decrease within 24 hours.