Bitcoin, after consecutive declines in recent weeks, rose back above $90,000 amid expectations of the Crypto Summit at the White House on March 7 and renewed FED interest rate cut expectations.
While the uncertainty remains whether this rise is short-lived or the beginning of a new uptrend, experienced analyst said that it’s unlikely for BTC to fall below $69,000.
Timothy Peterson has revealed a new floor level for the price of Bitcoin based on the “Lowest Price Forward” metric.
According to this metric, *The analyst stated that it is difficult for the price of Bitcoin to fall below $69,000 **
"The Lowest Price Forward doesn’t tell you where Bitcoin will be. It tells you where Bitcoin won’t be.
There’s a 95% chance of falling below 69 thousand dollars.
Peterson added that the drop of BTC to $78,000 is unsustainable and such deep drops usually lead to a consolidation period of two to three months before the uptrend continues. He mentioned that after that, the uptrend will begin.
“Big dips in Bitcoin are always followed by a 2-3 month cooling-off period. After that, the game starts again as if nothing had happened.”
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