Bitcoin's price recently dropped to its lowest levels since November of last year, raising concerns about its future direction.
Bitcoin's price recently dropped to its lowest levels since November of last year, raising concerns about its future direction. However, Timothy Peterson, a network economist known for his price predictions, has provided an optimistic outlook. Peterson revealed on March 4 that his “Lowest Price Forward” metric, which he developed in 2019, now sets Bitcoin’s new floor price at $69,000. According to Peterson, there is a 95% chance that Bitcoin will not fall below this level again. This prediction has gained attention because Peterson’s previous forecasts, including during the 2020 bull run, proved accurate.
Peterson’s Lowest Price Forward metric doesn’t tell where Bitcoin’s price will go, but rather where it won’t go. In June 2020, he predicted that Bitcoin would never revisit four-digit prices again, which held true with just a slight delay. He also set a long-term price target of $1.5 million for Bitcoin by 2035 when Bitcoin was trading around $92,000 earlier this year. Despite market downturns, Peterson remains confident about Bitcoin’s long-term potential.
Bitcoin’s price recently dipped to $78,000, which Peterson described as unsustainable. He noted that market corrections often follow "capitulation events," which are followed by a two to three-month cooling-off period. During this time, prices stabilize before making their next upward move. He argued that the market is unlikely to fall below $80,000 based on the Bitcoin Price to Trend metric, which tracks long-term price trends.
While some market participants have been cautious amid recent volatility, Peterson’s analysis suggests a more bullish outlook. His research indicates that after this period of market adjustment, Bitcoin will likely return to its upward trajectory. The Bitcoin Price to Trend metric has already predicted long-term trends accurately, adding weight to his predictions.
Geopolitical decisions and macroeconomic factors continue to affect Bitcoin’s price, with investor sentiment shifting in response to global events. However, Peterson’s $69,000 price floor is gaining traction among investors, as it suggests Bitcoin is unlikely to dip below this threshold for the foreseeable future.
Peterson’s latest analysis shows confidence in Bitcoin’s future, despite short-term volatility. He believes that the market will experience a cooling-off period before resuming its growth, with a long-term price target of $1.5 million by 2035. Peterson’s predictions continue to shape how investors view Bitcoin’s potential in both the short and long term.
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