Bitcoin network economist Timothy Peterson suggests there is a 75% chance that BTC will hit new highs in the next nine months.
Bitcoin's Current Market Position
In a March 25 post, Peterson highlighted BTC's current position near the lower bound of its historical range. The analyst emphasized that Bitcoin's current path aligns with the bottom 25% threshold, giving it majority odds for a positive rally.
Seasonal Fluctuations Impact
Peterson's statements follow an earlier study that found most of Bitcoin's annual bullish performance occurred in April and October, which have averaged 12.98% and 21.98%, respectively, over the past decade.
Onchain Cost Basis Zone Analysis
In a recent quicktake post on CryptoQuant, anonymous analyst Crazzyblockk said that the realized price for short-term whales is $91,000, whereas most highly active addresses hold a cost basis between $84,000 and $85,000. A dip below the cost basis could trigger selling, making the $84,000 to $85,000 range a critical liquidity zone.
This article does not contain investment advice. Every investment decision involves risk, and readers should conduct their own research when making a decision.
