After experiencing consecutive declines in recent weeks, Bitcoin has risen above $90,000 again amid expectations of a Crypto Summit to be held at the White House on March 7 and a renewed Fed rate cut.
While it remains unclear whether this rise is short-lived or the beginning of a new upward wave, the experienced analyst said that BTC is no longer likely to fall below $69,000.
Timothy Peterson has announced a new floor level for the Bitcoin price based on his “Low Price Forward” metric.
According to this metric, the analyst stated that it is difficult for the Bitcoin price to fall below $ 69,000, and that BTC has a 95% chance of staying above $ 69,000.
“The Lowest Price Forward doesn't tell you where Bitcoin will be. It tells you where Bitcoin won't be.
There is a 95% chance it will fall below $69,000.”
Peterson added that BTC’s decline to $78,000 is unsustainable and that such deep declines usually lead to a two to three month consolidation period before the uptrend resumes, after which the bullish period will begin.
“A major decline in Bitcoin is always followed by a cooling period of 2-3 months. After that, the game starts again as if nothing happened.”
*This is not investment advice.
