Bitcoin Price Could Reach $1.5M by 2035, Says Analyst Timothy Peterson
Renowned network economist Timothy Peterson has made a bold prediction for Bitcoin’s future. In a January 8 post, Peterson, known for his “Metcalfe’s Law as a Model for Bitcoin’s Value” paper, forecasted that Bitcoin (BTC) will reach $1.5 million per coin within the next decade, driven by network growth and expansion.
A Long-Term Bullish Outlook
Peterson emphasized that Bitcoin’s increasing network connectivity underpins its value. He confidently stated, “The year is 2035. Bitcoin is at $1.5 million—and someone is still asking if it’s a good time to buy.”
His 2018 research argued that traditional currency valuation models fall short for Bitcoin, while network-based models like Metcalfe’s Law provide a more accurate assessment of its value.
Accurate Past Predictions
Peterson’s predictive track record includes:
- Correctly predicting that BTC/USD would never fall below $10,000 again after 2020.
- Accurately timing the local price bottom in September last year within an eight-day window.
Current Market Sentiment
Despite his optimistic long-term forecast, Peterson acknowledged that Bitcoin’s short-term performance remains volatile. Bitcoin recently dipped below $92,000 amid market corrections, with some analysts, like Keith Alan from Material Indicators, forecasting a potential pullback to $86,500 or even $77,900.
Conversely, some believe that bullish momentum will return following the upcoming inauguration of President-elect Donald Trump, which could boost market confidence.
Outlook for Bitcoin
While mixed opinions persist regarding Bitcoin’s near-term price trajectory, Peterson remains steadfast in his belief that BTC will achieve unprecedented heights, reaching seven figures by 2035 as adoption and network effects continue to grow.
