Economist Timothy Peterson suggests Bitcoin could hit new records by June if historical price patterns continue.
Historical Trends Indicate Potential 50% Surge
Bitcoin has experienced a 30% decline since hitting a local high in mid-January. Timothy Peterson believes a recovery is imminent as Bitcoin trades near the low end of its historical seasonal range. Nearly all of Bitcoin’s annual performance occurs in April and October, and it is entirely possible for a new high before June.
Price Floor Holding Strong
Peterson has developed several Bitcoin price models, including the Lowest Price Forward metric, which has historically identified price levels that BTC/USD does not fall below after crossing certain thresholds. In 2024, the model indicated a new likely floor at $69,000, with a 95% probability. Peterson also set a median price target of $126,000 by June 1, supported by historical data.
Market Experts See Typical Bull Market Behavior
Other analysts and traders agree that Bitcoin’s recent dip to $76,000 is part of a standard market cycle. Analyst Rekt Capital noted that corrections are part of the cycle, while Bitfinex analysts described the current price movement as a “shakeout” rather than the end of Bitcoin’s upward trajectory.
With April approaching, the market eagerly watches to see if Peterson’s prediction of a new high will materialize.
