“At least not in our lifetime”: Bitcoin will never drop below $ 7,000 again, says this financial advisor
"At least not in our lifetime": Bitcoin will never drop below $ 7,000 again, says this financial advisor
Financial advisor Timothy Peterson spoke about the Bitcoin price – and where he thinks BTC will go.
Bitcoins “Never Look Back Price”
The “Never Look Back Price” essentially describes a certain price level at which Bitcoin was last and only rose afterwards. The current NLB price will always be the current price – but if the price falls again, the new lowest price will be applied retrospectively to the current NLB price.
By definition, the NLB price can only go in one direction, otherwise the price would have “looked back” and all previous higher levels would have been wiped out.
If you ignore bubbles, long-term profits are incredibly stable
Perhaps the most remarkable thing about the NLB Prize is the uniformity of the graphics it creates, if you compare it to the square root of time.
The NLB price smoothes out any bubbles, peaks or other phenomena and gives an indication of the steady, long-term gains over the previous lifespan of Bitcoin.
Peterson writes on Twitter that the NLB price has been “flirting with the lower limit” lately – at what he believes to be the “fair” value. Although the NLB price usually falls slightly below this level, this suggests that we should expect some upward pressure in the near future.
#Bitcoin's never look back price has been flirting with the lower bound (what i think is the true fair fair value btw) lately. It usually drops a little below this value however. Today's NLB = $6700. August NLB = $10k. https://t.co/zOdiPnVUQo pic.twitter.com/Tssi4AIoX5
— Timothy Peterson (@nsquaredcrypto) January 9, 2020
Peterson predicts a NLB price of $ 10,000 by August this year.
How deep can Bitcoin sink until August?
So how low can BTC fall in the meantime? What is the “Never Look Back Price” that we have confidently achieved and that we will never look back on?
Who better to ask than Peterson himself? We did that, and here is his answer:
“Based on my basic research, I don’t think Bitcoin has a big chance of falling below $ 7,000 – never. At least not in our lifetime. “
That seems to be a confident prediction that we have already reached an NLB price of $ 7,000. Peterson’s analysis also suggested that the Grayscale GBTC gap needs to close – which she did shortly afterwards.
We’ll just have to wait and see if he’s right again this time. Looking back at his previous predictions, Peterson has always been incredibly accurate.
For example, in March 2019, he predicted that Bitcoin would end the year at around $ 7,800 – which, as we now know, was incredibly correct. In fact, Bitcoin’s average price in December was around $ 7,400.