Analyst Timothy Peterson has shared his bullish outlook on Bitcoin's price, citing historical US dollar data.
Analysis of the Current Situation
Timothy Peterson recently noted that the US dollar has fallen below its 200-day moving average. This situation has occurred 41 times since 2015. According to Peterson, such situations have historically impacted Bitcoin's price performance in the following months.
Predicted Bitcoin Price Changes
Peterson stated that after the dollar falls below the moving average, Bitcoin prices rose with a 98% probability over the last 9 months. The lowest gain noted was +24%, while the median gain was +162%. He mentioned the average gain was even higher.
Future Predictions
Based on these probabilities, Peterson estimates a 90% chance of Bitcoin reaching or exceeding $125,000 by the end of 2025. As of the current writing, Bitcoin is trading at $87,814.
Timothy Peterson's analysis indicates a positive trend for Bitcoin amid changes in the US dollar rate. This could prompt investors to contemplate Bitcoin's future despite potential risks.
