{"id":564513,"date":"2020-11-07T20:05:26","date_gmt":"2020-11-07T17:05:26","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=564513"},"modified":"2020-11-07T20:05:26","modified_gmt":"2020-11-07T17:05:26","slug":"bitcoin-has-a-10-chance-of-breaking-20k-this-year-90-chance-in-2021","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/bitcoin-has-a-10-chance-of-breaking-20k-this-year-90-chance-in-2021\/","title":{"rendered":"Bitcoin has a 10% Chance of Breaking 20k this Year, 90% Chance in 2021"},"content":{"rendered":"<p><strong>Quick take:<\/strong><\/p>\n<ul>\n<li><strong>Crypto analyst Timothy Peterson, has forecasted that Bitcoin has a 10% chance at breaking $20k this year<\/strong><\/li>\n<li><strong>These odds increase to 90% for the year 2021<\/strong><\/li>\n<li><strong>Mr. Peterson has also cautioned that Bitcoin could be overpriced by 20% &#8211; 50%<\/strong><\/li>\n<li><strong>However, he is optimistic that Bitcoin is unlikely to drop below $12k and $11k<\/strong><\/li>\n<\/ul>\n<p>Crypto analyst <a href=\"https:\/\/en.ethereumworldnews.com\/crypto-analyst-bitcoin-btc-is-2-wks-from-11k-and-2yrs-from-37k\/\" target=\"_blank\" rel=\"noopener noreferrer\">Timothy Peterson<\/a>, has once again shared his insightful analysis on the possible market direction of Bitcoin (BTC). According to Mr. Peterson, Bitcoin has a 10% chance of <a href=\"https:\/\/en.ethereumworldnews.com\/bitcoins-chances-of-hitting-20k-by-end-of-2020-doubles-to-14\/\" target=\"_blank\" rel=\"noopener noreferrer\">breaking the $20k price ceiling<\/a> this year. These odds increase to 90% in 2021. Mr. Peterson shared his Bitcoin forecast via the following tweet.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">There&#39;s a 10% chance that <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#bitcoin<\/a> will break $20,000 this year.  <\/p>\n<p>There&#39;s a 90% chance that <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#bitcoin<\/a> will break $20,000 next year.<\/p>\n<p>&mdash; Timothy Peterson (@nsquaredcrypto) <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1325059511904854019?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 7, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2>Bitcoin is Overprice by 20% &#8211; 50%<\/h2>\n<p>In an earlier tweet, Mr. Peterson had cautioned Bitcoin traders and investors that BTC might be overpriced by a factor of 20% to 50% using his Metcalfe Model.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#Bitcoin<\/a> is 20-50% overpriced. <a href=\"https:\/\/t.co\/8K9qzjAT92\" rel=\"nofollow\">pic.twitter.com\/8K9qzjAT92<\/a><\/p>\n<p>&mdash; Timothy Peterson (@nsquaredcrypto) <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1324415700824428544?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">November 5, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the time of writing, Bitcoin is trading at $15,300. Therefore, and using the aforementioned percentages, Bitcoin has a Metcalfe value of between $7,650 and $12,240. This does not necessarily mean that Bitcoin will drop to these values. Mr. Peterson uses Metcalfe&#8217;s law to determine the value of Bitcoin based on network activity. His model is particularly insightful in terms of determining the value of BTC without the &#8216;noise&#8217; from news and market activity.<\/p>\n<h2>$11k is in Bitcoin&#8217;s Rear-View Mirror, $12k Will Be in the Rear View Mirror Next Month<\/h2>\n<p>Additionally, and using Metcalfe&#8217;s Law, Mr. Peterson <a href=\"https:\/\/twitter.com\/nsquaredcrypto\/status\/1324380503802347522\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">has concluded<\/a> that Bitcoin is <a href=\"https:\/\/en.ethereumworldnews.com\/crypto-analyst-90-chance-bitcoin-btc-never-closes-below-11k\/\" target=\"_blank\" rel=\"noopener noreferrer\">unlikely to drop below $11k<\/a> and $12k could also be in Bitcoin&#8217;s &#8216;rearview mirror&#8217; by next month.<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0\">$11k was in the rear view mirror last month and $12k will be in the rear view mirror by next month. There&#8217;s enough data now for me to model the adoption curve. Finishing that up and I can estimate <\/span><span class=\"r-18u37iz\">#bitcoin<\/span>&#8216;s saturation (max) price and year.<\/p><\/blockquote>\n<p>This in turn means that Bitcoin&#8217;s general trajectory is up and the King of Crypto has more or less said goodbye to 4-figure values below $10k.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Quick take: Crypto analyst Timothy Peterson, has forecasted that Bitcoin has a 10% chance at breaking $20k this year These odds increase to 90% for the year 2021 Mr. Peterson has also cautioned that Bitcoin could be overpriced by 20% &#8211; 50% However, he is optimistic that Bitcoin is unlikely to drop below $12k and $11k Crypto analyst Timothy Peterson, has once again shared his insightful analysis on the possible market direction of Bitcoin (BTC). According to Mr. Peterson, Bitcoin [&hellip;]<\/p>\n","protected":false},"author":22,"featured_media":563143,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[800],"tags":[6962,1233,6961],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564513"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/22"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=564513"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/564513\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/563143"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=564513"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=564513"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=564513"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}