Bitcoin Surges Above $90,000

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 Timothy Peterson has stated that BTC is no longer likely to fall below $69,000.

New Floor Level for Bitcoin

Timothy Peterson has announced a new floor level for the Bitcoin price based on his Low Price Forward metric. According to this metric, it is difficult for the Bitcoin price to fall below $69,000, with a 95% chance of staying above this level.

> “The Lowest Price Forward doesn’t tell you where Bitcoin will be. It tells you where Bitcoin won’t be.”
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> “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.