Cryptocurrencies

Was Bitcoin’s highest historical price just a scam? – Cryptocurrencies

Anyone taking stock of Bitcoin’s journey quickly realizes that the value of cryptocurrency has reached records that were unimaginable when it was created. And given future predictions of its course, the $ 20,000 ATH (All Time High) reached in 2017 would seem almost timid. However, some analysts doubt the effectiveness of the peaks already reached, notably this famous peak in 2017. This is in any case the position of Timothy Peterson – Cane Island Alternative Advisors analyst – duque eyesl this Bitcoin price record was wrong. Back on these words to say the least surprising.

A record obtained through manipulation of the figures

Mr. Peterson first reminded in his own way that bitcoin data had already been manipulated in the past, more precisely in 2013. This is obviously the case which led to the bankruptcy of Mt Gox for which the CEO Mark Karpeles was found guilty of data forgery. At the time, the company owned for its own account and that of its customers a large part of the bitcoins available on the market. Based on this observation, the analyst wonders how long it will take to realize another manipulation of the figures that would have taken place in late 2017.

If he is careful to say that bitcoin has never been reached a record price on that date, he claims that this surprising performance is the result of manipulation. When asked what really defined a historic price peak for him, he left it to the truth of the calculations. He says that a historic summit is legitimate: “Only if supported by the measurement of fundamentals such as active addresses, hash rate and number of transactions. Otherwise, the price is not viable. “ Any price reached outside of these considerations would probably be due to fraudulent manipulation he argued.

$ 1 million bitcoin by 2027

Previously, Mr. Peterson had to compare the current evolution of the price of Bitcoin with that which took place just before the Bull Run of 2013. It emerged that an increase proportional to this period would climb the price of cryptocurrency to $ 75,000 in a few weeks. Less categorical this time, he made it clear that it was a hypothesis as to whether the same evolution would be repeated. Regarding his prediction for the price of bitcoin, Mr. Peterson based on growth in the number of cryptocurrency users.

In accordance with its definition of a legitimate historic summit, it proposes a number derived purely from mathematical calculations. He believes that the price of Bitcoin could reach $ 1 million by 2027.

Although he challenges the foundations of the historical value of the BTC price in 2017, Timothy Peterson cannot deny the potential of cryptocurrency. His assessment in accordance with his own assessment criteria confirms the BTC’s tendency to reach incredible heights.

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