Since you want the equation, here goes. These are from Manufacturing Processes for Engineering Materials, by Serope Kalpakjian. First, we take a simplified look at the process. The view is down the length of the cylinder, and they simplify by assuming a rectangular wire. Notice how friction between the die and the object causes a rectangular object to get rounded sides. Also note that a cylinder compressed to half diameter will look very much like a rectangle similarly compressed.
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Next, we look at the pressure distribution between the die and the object. The pressure distribution is an exponential curve if there is sliding friction between the die and the object, and triangular if there is no sliding (the object sticks to the die).
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Finally, they make things easier by reducing the equations to a pair of charts. A long (length several times the diameter) wire is the plane strain case on the left.
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The left chart is for rectangular specimens, but by the time your wire is squashed to half diameter, this chart will be close enough. You only need to calculate the pressure at the point of maximum squish because that will the maximum pressure and force. You will still need to do the experiment...