Timothy Peterson, a crypto-focused economist, has shared his outlook for Bitcoin’s performance in the final quarter of the year, hinting at significant growth potential.
Peterson Suggests 40% Chance of Bitcoin Reaching $100K by Year-End
According to Timothy Peterson, Bitcoin’s historical fourth-quarter performance has generally been positive, with a few exceptions during bear markets like in 2018 and 2022. Despite these outliers, Peterson believes 2024 will follow the typical positive trend, predicting a 30% to 60% surge in Bitcoin’s price for this quarter.
Peterson has even placed a 40% probability on Bitcoin surpassing the $100,000 mark by the end of the year. He referenced data from past fourth-quarter performances, noting a nearly 50% drop in 2018 and a slight decline in 2022. However, more significant rallies have also occurred, such as a 200% increase in 2017, a 150% rise in 2020, and almost 100% growth in 2015.
What History Tells Us About Bitcoin in Q4
Historically, Bitcoin’s fourth-quarter results have been some of its strongest. The most notable Q4 rally occurred in 2017, with gains surpassing 200%. Similar positive performances were observed in 2020, with a 150% rise, and 2015, with nearly 100% growth. These trends contribute to the current optimism around Bitcoin heading into the end of 2024.
While October is often considered a bullish month for Bitcoin, early this month saw a significant dip, with Bitcoin dropping below $60,000. At the time of writing, Bitcoin is trading around $63,700, which many investors see as a potential springboard for a year-end rally.
Investors’ Eyes on Bitcoin’s Final Surge
The fourth quarter is crucial for the crypto market, and many investors are closely monitoring Bitcoin’s movements, especially with predictions like Peterson’s suggesting a significant rally. As the year progresses, Turkish NY Radio will continue to provide updates on Bitcoin’s performance and potential market movements.
