In a new prediction that could shake up the cryptocurrency market, renowned economist Timothy Peterson has said that Bitcoin could hit $1.5 million by 2035, warning that the network is not yet close to its full potential. Peterson, who is best known for his theories on Metcalfe’s Law and his use of it to analyze the value of Bitcoin, asserted in a post on the X platform on January 8 that the scaling power of the Bitcoin network will be the main factor in the currency’s massive price rise.#bitcoin
According to Peterson, who has accurately predicted that Bitcoin would never fall below $10,000 in the past, Bitcoin will be worth 15 times more than current prices by the middle of the next decade. “Bitcoin will be at $1.5 million in 2035. You can count on me on that prediction,” he said.
Peterson's optimistic forecasts were expanded upon by mathematical analysis of networks, where he suggested that the law that explains the spread and communication of networks is fundamental to understanding how Bitcoin could continue to make huge gains.
Despite the bullish outlook, there is still debate about the price trend in the near future. Many analysts believe that Bitcoin could see an additional correction in 2024, with the price potentially falling to $86,500 before starting to rise again. Meanwhile, others point out that the entry of US President-elect Donald Trump into the White House could be a positive turning point for the market.
The Bitcoin market appears to have entered a lull after the Q4 2024 rally, with mixed signals on where the price might go in the coming months. But with Peterson’s bold predictions, crypto enthusiasts are likely to continue to watch for major shifts that could change the course of the next decade.$BTC