There’s blood on the streets today as the crypto markets breakdown once more thanks to Bitcoins failure to hold above $13k after its impressive attempt at a new yearly high. However, not all is lost, because according to one analyst, Bitcoin below $40k by the end of 2019 would actually be a “true anomaly”
Right now, Bitcoin is citing a price of around $11.6k after a tumultuous few days of wild ups and downs, and while a few analysts feel that Bitcoin its threatening to head lower, it might not actually matter in the medium term
BTC/USD Chart provided by Tradingview
That’s according to a model theorized by crypto fund manager and Bitcoin evangelist, Timothy Peterson, which denotes Bitcoins performance for the coming year based on it’s the first half of any given year.
Incredibly the model has been around 90% accurate in predicting Bitcoins price trends in years gone by.
Based on this model, Peterson suggests that factoring in Bitcoin’s impressive half year run of around 180% gains, around another 250% may be in store provided the model continues to deliver. An added gain of 250% from today’s price would equate to over $40,000 by the end of the year… not bad.
Even Peterson was “shocked” by this discovery, noting that 50k was a realistic price proposition under the model.
Within the comments section, Peterson added to his prediction, relaying that there was a chance that the dashed trendline could be curved instead of straight, which would put price up to $80k by the end of 2019.
Interestingly, Peterson also authored a model of bitcoin’s value based on Metcalfe’s law – a concept which states that a network’s value is proportional to the square of the number of connected users of the system. This concept was similarly cited by Morgan Creek Capital CEO, Mark Yusko, who recently suggested that thanks to Metcalfe’s Law, Bitcoin could reach $100k by 2021.