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Despite recent fluctuations that saw the Bitcoin price retrace nearly 6% on a weekly basis, market expert Timothy Peterson remains bullish on the leading cryptocurrency’s future.
The expert, also a Bitcoin author and economist, predicts that there is at least a 50% chance that the Bitcoin price could reach a new all-time high of $200,000 by June 2026, a forecast he shared on social media platform X (formerly Twitter) on Thursday.
Optimistic Projections For The Bitcoin Price
Peterson’s optimistic outlook is grounded in his analysis of the Median Bitcoin Yearly Price Path chart, which suggests that October typically marks the beginning of a new upward trend for the Bitcoin price, extending through to June of the following year.
He elaborated that achieving the $200,000 target would require an average monthly return of approximately 7%, translating to an 120% annualized increase. Furthermore, he noted a 50% or greater likelihood of Bitcoin reaching a new all-time high by early November of this year.
As seen in the chart below, Peterson outlined additionally, two potential bullish scenarios for Bitcoin’s trajectory. The most scenario points toward a surge to a new record of $240,000, while a more conservative estimate suggests a rise toward $160,000.
Regardless, these indicators he referenced imply that the remainder of the year and subsequent months of 2026, could be marked by significant price increases for the market’s leading cryptocurrency. However, the broader crypto market performance has not been without its challenges.
Investors Brace For Friday’s PCE Data
On Thursday, Bitcoin and other cryptocurrencies like Ethereum (ETH), XRP, and Solana (SOL), experienced a downturn as investors shifted their focus to upcoming economic data, particularly following a sharp market correction earlier in the week.
Traders are particularly attentive to Friday’s personal consumption expenditure (PCE) data, the Federal Reserve’s (Fed) preferred measure of inflation, which could have implications for future interest rate decisions.
When interest rates decrease, more stable investments such as bonds or equities tend to offer lower yields, encouraging investors to seek riskier assets like cryptocurrencies.
Earlier in the week, a substantial sell-off occurred across the crypto market, marking the largest deleveraging event of the year. On Monday, many digital asset investors unwound bullish positions that had been established after the Fed’s recent quarter-point interest rate cut.
Maja Vujinovic, CEO of Digital Assets at FG Nexus, commented on the situation, emphasizing that the recent liquidations stemmed from excessive leverage rather than failing market fundamentals. She noted, “Overheated funding post-Fed left traders exposed; once Bitcoin rolled over, forced unwinds hit ETH and altcoins hard.”
Despite the cautious sentiment prevailing in the crypto market this week, Vujinovic pointed out that historical trends suggest these «leverage washes» often pave the way for a healthier market foundation.
Featured image from DALL-E, chart from TradingView.com
