2020 Might Be the Last Time Bitcoin is Valued Below $10k
In addition to all the positive news surrounding the crypto markets, 2020 might become the last year Bitcoin is ever valued at under $10k as shall be explained.
According to Bitcoin analysis done by Timothy Peterson of Cane Island Alternative Advisors, BTC’s value can be modeled using Metcalfe’s law. As earlier explained, Metcalfe’s Law is primarily used in the Telecoms industry and Mr. Peterson has expanded on it in his analysis of Bitcoin.
Furthermore, Mr. Peterson has a very elaborate and simple chart that gives mid-November 2020, as possibly the last time Bitcoin will be valued at under $10k. Below is one of his Tweets proposing such a possibility for Bitcoin.
#Bitcoin #10KCountdown. Really good example of how the yellow lines show expected range of variation from Lowest Price Forward. Over time, bitcoin wants to seek out this green line however. https://t.co/c8R6J4L9ar pic.twitter.com/6CVvk7nU94— Timothy Peterson (@nsquaredcrypto) July 28, 2020