Renowned Economist Reveals Ideal Bitcoin Price Level
Timothy Peterson, a well-known economist and author of the article “Metcalfe’s Law as a Model for the Value of Bitcoin,” recently shared his insights on where the Bitcoin price should ideally be.
Peterson suggested that, based on the US Dollar Index (DXY) alone, the Bitcoin price should be at $117,000. However, he believes that the current Bitcoin price is already heading in that direction.
Using data dating back to 2011, Peterson arrived at this figure. He also discussed why the Bitcoin price is not currently at the projected level, attributing it to factors beyond just the DXY index. According to Peterson, the Federal Reserve’s interest rate decisions play a significant role in influencing the price of Bitcoin. When interest rates are high, the price of BTC tends to decrease.
In a previous analysis, Peterson had predicted that Bitcoin would reach a new all-time high within 60 days. As of the time of writing, Bitcoin is trading at around $71,000, with the previous record high being $73,750.
It is important to note that this information is not investment advice. If you are interested in investing in over 300 cryptocurrencies, you can sign up on the Binance exchange with a 20% commission discount using this link.
For more exclusive news, analytics, and on-chain data, be sure to follow our Telegram and Twitter accounts.
