Renowned Economist Reveals Ideal Bitcoin Price Level
Renowned economist Timothy Peterson recently shared his insights on where he believes the Bitcoin price should realistically stand. In his article titled “Metcalfe’s Law as a Model for the Value of Bitcoin,” Peterson made a bold prediction regarding the cryptocurrency’s value.
Peterson suggested that based on the US Dollar Index (DXY) alone, Bitcoin should be priced at $117,000 currently. However, he noted that the current price of BTC is already heading in that direction according to his analysis of data dating back to 2011.
The economist also explained why Bitcoin has not yet reached the $117,000 level, attributing it to various factors beyond the DXY index. Peterson highlighted the impact of the Federal Reserve’s interest rate decisions on Bitcoin’s price, noting that high interest rates tend to drive down the value of BTC.
Furthermore, Peterson previously forecasted that Bitcoin would reach a new all-time high within 60 days. As of the time of writing, BTC is trading around $71,000, with the record high standing at $73,750.
It is important to note that the opinions shared are not investment advice. For those looking to invest in over 300 cryptocurrencies, registering with Binance exchange through this link offers a 20% commission discount.
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