The price of Bitcoin (BTC) remains relatively stable despite a 1.52% decline to $86,583, and according to leading market analyst Timothy Peterson, there is a 75% chance that the Bitcoin price will reach all-time highs in the next nine months. Considering Bitcoin's past movements, blockchain indicators, and strong technical support, Peterson believes the Bitcoin price is positioned to continue rising.


Why do analysts expect an imminent breakout?

Peterson, a prominent Bitcoin blockchain economist, notes that the current price of BTC is near the lower end of its historical valuation range, making a significant increase very likely. Based on his technical models, Peterson sees a 50% probability of an imminent bull run if Bitcoin's key support levels hold.


"There is a 75% chance Bitcoin will reach unprecedented levels within 9 months... based on a decade of blockchain price data." Timothy Peterson

Peterson identified a key support area in the $84,000-$85,000 range, warning that BTC's stability below this level could open the door to a temporary sell-off. If the price remains above this range, it could continue to rise.


Blockchain Indicators Reinforce Bullish Expectations

To support Peterson's analysis, an anonymous analyst known as Crazyblock points to whale (large investor) activity. He estimates that the potential short-term value of whales is $91,000, and that the cost of purchasing Bitcoin for owners of many active Bitcoin addresses is between $84,000 and $85,000, within a liquidity range that could tip the scales of general sentiment upward if it holds. Historical price data, however, supports this hypothesis. According to Peterson, April and October tend to offer the highest average Bitcoin gains, with gains of 12.98% and 21.98%, respectively, over the past 10 years. Bitcoin Price Analysis and Key Levels to Watch

From a technical analysis perspective, the Bitcoin price is holding below the $88,780 barrier and above the 50-day exponential moving average (EMA) at $86,470, maintaining a rising trendline currently stable at $86,460, providing support for the foreseeable future.


Nearest resistance level: $88,780.

The next higher levels: $90,750 and $92,800.

Support levels: $86,460 and then $84,870.

Relative Strength Index (RSI): It indicates a mid-range at 56, providing room for further upward momentum. If Bitcoin successfully breaks above $88,780, it will confirm its continued upward trajectory, paving the way for a break above $90,000. However, if the price falls below the $84,000-$85,000 range, the downtrend could extend.


Which stock should you buy in your next trade?

As stock market valuations skyrocket in 2024, many investors are reluctant to invest more money in stocks. Not sure where to invest your money now? Explore our proven investment portfolios and discover high-potential investment opportunities.


In 2024 alone, ProPicks' AI identified two stocks that rose more than 150%, four more that surged more than 30%, and three more that rose more than 25%. That's an impressive track record.


With portfolios specifically designed to track the Dow Jones, S&P, technology, and mid-cap stocks, you can explore a variety of wealth-building strategies.