Bitcoin May Hit $1.5 Million By 2035 According To Metcalfe’s Law, Analyst Predicts
Bitcoin May Hit $1.5 Million By 2035 According To Metcalfe’s Law, Analyst Predicts As Bitcoin (BTC) continues its pullback into the low $90,000 range, analysts are divided on how much further the top cryptocurrency might fall before a potential bounce. However, long-term market observers remain confident, emphasizing that short-term price action does not alter their belief in BTC’s eventual rise to a million dollars or more in the coming years. Bitcoin To Reach $1.5 Million By 2035 Cryptocurrency enthusiast Timothy Peterson recently shared his projection on X, predicting that Bitcoin is on track to reach $1.5 million by 2035, based on Metcalfe’s Law. This forecast represents an almost 15-fold increase from its current price over the next decade. Source: Timothy Peterson on XFor the uninitiated, Metcalfe’s Law states that the value of a network is proportional to the square of the number of its users, meaning as the number of participants grows, the network’s utility and value increase exponentially. In Bitcoin’s context, this suggests that its value rises significantly as more people adopt and use the network. Peterson is the author of the widely discussed paper titled “Metcalfe’s Law as a Model for Bitcoin’s Value”, which uses the law to project Bitcoin’s price trajectory. Known for his bullish stance on Bitcoin, Peterson has long argued that BTC’s global adoption is inevitable. His paper states: Traditional currency models fail with bitcoin, but various mathematical laws which explain network connectivity offer compelling explanation of its value. Peterson has also demonstrated accuracy in identifying key market trend reversals. For instance, he correctly identified Bitcoin’s local bottom in September of last year. BTC To Dip Further Before Bounce? While Peterson’s bullish $1.5 million prediction is music to the ears of Bitcoin bulls, the cryptocurrency’s current price action might leave them uneasy. At the time of writing, over $524 million worth of liquidations have occurred in the past 24 hours, with $136 million in BTC alone. Crypto analyst Keith Alan weighed in on Bitcoin’s recent price movement, stating that “this dip isn’t done dipping.” According to Alan, the sell-side pressure is actively pushing the price down, with buyers seemingly waiting for lower levels to make significant purchases. He explained: It’s clear that the sell side is trying to push the price down. It’s not clear if the buy walls are related to the same entity pushing price down, but what is clear is that they have no conviction for those price levels, and some or all of this liquidity could move or spoof. Alan identified $91,500 as a potential support level, with $86,500 acting as a secondary line of defense. He noted that more than $300 million in bid liquidity exists within this range, making it likely that BTC could rebound from these levels. Alan also highlighted that a drop to $86,500 would represent a 20% decline from Bitcoin’s recent all-time high (ATH) of $108,135. However, if this support fails to hold, there is a risk of BTC sliding further to $77,900 to fill the CME gap. On the contrary, crypto analyst Ali Martinez recently emphasized that BTC may be on track to $275,000 based on the cup and handle pattern formation on the weekly chart. At press time, BTC trades at $92,805, down 3.3% in the past 24 hours. BTC trades at $92,805 on the daily chart | Source: BTCUSDT on TradingView.comFeatured image from Unsplash, Charts from X and TradingView.com Ash Tiwari Ash is a dedicated crypto researcher and blockchain enthusiast with a passion for diving deep into the evolving world of decentralized technologies. With a background in writing and a natural curiosity for how digital assets are shaping the future, he has immersed himself in various sectors of the cryptocurrency space, including decentralized finance (DeFi), NFTs, and liquidity mining. His journey into crypto started with a desire to fully understand the technology behind it, leading him to explore and engage with these systems firsthand. Ash’s approach to DeFi goes beyond surface-level research as he actively participates in decentralized protocols, testing their functionality to gain a deeper understanding of how they operate. From experimenting with staking mechanisms to exploring liquidity mining strategies, he is hands-on in his exploration, which allows him to provide practical, real-world insights that go far beyond theoretical knowledge. This immersive experience has helped him develop a comprehensive grasp of smart contracts, token governance, and the broader implications of decentralized platforms on the future of finance. In the NFT space, Ash’s interest is driven by the technology’s potential to reshape ownership and creativity in the digital age. He has explored various NFT projects, gaining insights into how these digital assets function within different ecosystems. His focus is on understanding the evolving relationship between creators and communities, as well as the innovative uses of blockchain technology to establish authenticity and provenance in the digital world. Ash’s research in this area often touches on the intersection of culture, technology, and community-driven projects. A key area of his expertise lies in liquidity mining, where he has engaged with various decentralized platforms to understand how liquidity provision contributes to the functionality and security of DeFi ecosystems. Ash’s hands-on involvement has allowed him to analyze the risks, rewards, and broader implications of liquidity pools, giving him a well-rounded perspective on this integral part of DeFi. His understanding of risk management and protocol design allows him to provide insights into how these systems can be navigated effectively, with an emphasis on both opportunity and caution. When it comes to communicating these complex topics, Ash’s writing is grounded in clarity and depth. He excels at breaking down intricate blockchain concepts into easily digestible information for a wide audience. Whether explaining the workings of decentralized exchanges or outlining the future potential of blockchain technology, Ash ensures that his content is accessible to both those new to the space and experienced participants looking for deeper insights. Beyond DeFi and NFTs, Ash explores a wide array of emerging blockchain applications. His research spans areas like cross-chain technologies, decentralized governance, and blockchain’s potential to integrate with traditional finance. He is continuously learning and adapting to the latest developments, ensuring that his insights are both timely and relevant. His interest extends to how these technologies are creating new possibilities for decentralization, transparency, and trust in a variety of industries. Ash’s commitment to engaging with the crypto space firsthand gives him a unique perspective that goes beyond what can be learned from research alone. His practical involvement allows him to stay ahead of the curve, offering readers and enthusiasts a clear and comprehensive understanding of the rapidly evolving world of blockchain. Whether delving into the technical mechanics of DeFi or exploring the cultural impact of NFTs, Ash’s approach is always rooted in curiosity, research, and a desire to make this technology accessible to all. 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