As Bitcoin (BTC) continues to retreat to the low $90,000 range, analysts are divided on how far the most popular cryptocurrency can fall before a potential rebound. However, long-term market watchers remain confident, emphasizing that short-term price action does not change their confidence in BTC eventually rising to $1 million or more in the coming years.

Bitcoin will reach $1.5 million by 2035

Cryptocurrency enthusiast Timothy Peterson recently shared his prediction for X, predicting that Bitcoin is on track to reach $1.5 million by 2035, based on Metcalfe’s Law. This forecast represents a nearly 15-fold price augment from today’s price over the next decade.

For the uninitiated, Metcalfe’s Law states that the value of a network is proportional to the square of the number of its users, meaning that as the number of participants increases, the utility and value of the network increases exponentially. In the context of Bitcoin, this suggests that its value increases significantly as more people adopt and apply the network.

Peterson is the author of a widely discussed work entitled “Metcalfe’s Law as a Bitcoin Value Model”, which uses this law to predict the Bitcoin price trajectory. Known for his bullish stance on Bitcoin, Peterson has long argued that global adoption of BTC is inevitable. His article reads:

Time-honored monetary models fail in the case of bitcoin, but the various mathematical laws that explain network connectivity offer a compelling explanation for its value.

Peterson has also demonstrated accuracy in identifying key changes in market trends. For example, correct identified Bitcoin’s local bottom in September last year.

Will BTC fall further before rebounding?

While Peterson bullish The $1.5 million forecast is music to the ears of Bitcoin bulls, the cryptocurrency’s current price action may make them feel uncomfortable. As of this writing, the liquidations were worth more than $524 million occurred in the last 24 hours, of which $136 million in BTC alone.

Crypto analyst Keith Alan commented on Bitcoin’s recent price movements, stating that “this decline is not over.” According to Alan, selling pressure is actively driving down the price, with buyers apparently waiting for lower levels to make significant purchases. He explained:

It is obvious that the selling side is trying to lower the price. It is unclear whether the buy barriers are tied to the same entity that is driving the price down, but it is clear that it has no confidence in these price levels, and some or all of this liquidity could change or be falsified.

Alan identified $91,500 as a potential support level, with $86,500 being an additional line of defense. He noted that there is over $300 million in bid liquidity in this range, which increases the likelihood that BTC could rebound from these levels.

Alan also highlighted that a drop to $86,500 would represent a 20% drop from Bitcoin’s recent all-time high (ATH) of $108,135. However, if this support is not maintained, it exists risk BTC fell further to $77,900 to fill the gap on CME.

On the contrary, most recently cryptocurrency analyst Ali Martinez he emphasized that BTC could be on track to $275,000 based on a cup and handle pattern on the weekly chart. At press time, BTC is trading at $92,805, down 3.3% in the last 24 hours.

Featured image from Unsplash, Charts from X and TradingView.com