Cane Island Alternative Advisors’ Timothy Peterson says bitcoin has a 30% chance of reaching $17,000 by the end of the year.
Peterson’s prediction came in response to a recent report by Bitcoinist claiming that a move past $12,000 would guarantee bitcoin’s upward price trajectory to the $15,000 – $17,000 range, nearing the previous all-time high.
According to the analyst, bitcoin has a 30% chance of reaching $17,000 by the end of the year if it can break through the $12,000 price barrier.
Earlier in the month, Peterson tweeted that bitcoin’s probability of hitting a new all-time high in 2020 was between 10 and 18%. When asked why bitcoin’s odds were “so low,” the Cane Island asset manager claimed previous all-time highs were achieved through “price manipulation not organic growth.”
Peterson’s previously published research paper, titled “Bitcoin Spreads Like a Virus,” focused on a mathematical derivation to show that the price of bitcoin will proceed in a straightforward growth model similar to Facebook and other networks.
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