Following the recent drop in Bitcoin price, cryptocurrency analyst Timothy Peterson shared his updated predictions.
According to Peterson, the latest AI-powered prediction model projects Bitcoin's month-end value at $130,000, a figure that represents a roughly 12% increase from the current $113,500 level.
However, the analyst noted that the probability of October ending negative, dubbed “Uptober” due to the bullish trend, has now risen to 18%.
Peterson argued that in his model evaluating Bitcoin's annual seasonality, the price was still following the 30th percentile, which pointed to a level of $162,000 in December.
Peterson made the following statement:
“This year, given historical data and current market conditions, a positive year-end is almost certain. However, the big uptrends tend to begin in the third week of the month.”
Peterson is known for previously evaluating Bitcoin's long-term value with models based on “Metcalfe's law.”
*This is not investment advice.