Bitcoin (BTC) is experiencing unprecedented economic conditions, and according to the prediction of Timothy Peterson, a renowned economist, its price may reach $138,000 in the next three months. Peterson, based on the US High Yield Index Effective Yield, which is currently above 8%, says that in 71% of the times this index was at such levels, Bitcoin grew in the following three months with an average return of 31%. Therefore, Peterson considers a price range between $75,000 to $138,000 likely in the next three months. This analysis also points out the unprecedented correlation between Bitcoin and the US Dollar Index (DXY). Peterson explains that this relationship is usually inverse, but due to macroeconomic conditions in 2024 such as liquidity constraints, high real rates, and increased risk aversion in global markets, this correlation has become positive. However, he believes that with the gradual return of liquidity and decrease in real rates, Bitcoin will once again separate from the Dollar Index and continue its upward trend. Currently, the Dollar Index has dropped below 100 units, considered one of its lowest levels in the past three years. Other analyses also indicate that Dollar weakness, similar to the start of the 2023 uptrend, could work in favor of Bitcoin. On the page for instant cryptocurrency prices, you can view the prices of all tokens and cryptocurrencies live and in real-time.
