Bitcoin Expected to Hit $126,000 by June, Says Economist

Bitcoin (BTC) is anticipated to reach new all-time highs by June this year, according to network economist Timothy Peterson. This prediction is based on historical patterns and current market data, which suggest that Bitcoin has approximately two and a half months to surpass its previous record of $109,000. Peterson's analysis indicates that Bitcoin is currently trading near the lower end of its historical seasonal range, with nearly all of its annual performance occurring within two months: April and October. Given this pattern, it is plausible that Bitcoin could achieve a new all-time high before June.

Peterson has developed various Bitcoin price metrics over the years, one of which, the Lowest Price Forward, has accurately predicted levels below which BTC/USD never falls after crossing above them at a certain point. Following its recovery from multi-year lows in March 2020, the Lowest Price Forward metric predicted that BTC price would never trade under $10,000 again from September onward. This year, a new likely floor level has emerged at $69,000, which has a "95% chance" of holding.

Peterson's analysis also includes a median target of $126,000 by June 1. He highlights that periods of underperformance in bull markets have historically been temporary. The red dotted trend line on his chart indicates a target of $126,000 by June 1. This prediction aligns with the historical pattern of Bitcoin's bull market cycles, where corrections are a standard part of the process.

Other market commentators have echoed this sentiment, emphasizing that Bitcoin's recent decline to $76,000 is typical corrective behavior. Popular trader and analyst Rekt Capital noted that corrections are a natural part of the cycle and that the current lows mark a "shakeout" rather than the end of the cycle. This perspective is supported by analysts at a major crypto exchange, who suggest that the current lows are part of a standard bull market comedown rather than a sign of a broader downturn.

In summary, the data and analysis presented by Peterson and other market commentators suggest that Bitcoin is poised for a significant rebound. The historical patterns and current market conditions indicate that the cryptocurrency could reach new all-time highs by June, with a median target of $126,000. This prediction is based on the cyclical nature of Bitcoin's bull market, where corrections are a normal part of the process and periods of underperformance are temporary.