Bitcoin Price Forecast: New Bottom Set at $69K

Bitcoin's price momentum is anticipated to return; however, there is an expected "cooling off period" that could last up to three months. This insight comes from Timothy Peterson, who has revealed a new predicted price floor for Bitcoin (BTC).

According to Peterson, Bitcoin has a 95% probability of staying above $69,000 indefinitely. This forecast comes from a well-known Bitcoin price prediction tool called the "Lowest Price Forward" metric.

Peterson: $69,000 BTC Price Has 95% Chance of Holding

Bitcoin's value remains highly influenced by global political decisions as we approach 2025. Recently, Bitcoin fell to its lowest level since November of the previous year. Despite some skepticism regarding the future of the cryptocurrency bull market, Peterson holds an optimistic view for both short and long-term periods.

The Lowest Price Forward tool, which Peterson developed in 2019, indicates that a price of $69,000 is a critical threshold that the BTC/USD pair is unlikely to drop below again. "Lowest Price Forward does not predict where Bitcoin will be. Instead, it indicates where Bitcoin will not go," he explained to his followers on X. "There is a 95% chance it won't fall below $69,000."

Bitcoin Lowest Price Forward chart. Source: Timothy Peterson/X

Peterson's Lowest Price Forward has a notable track record, although it is relatively brief. In June 2020, he accurately asserted that Bitcoin would not see four-digit prices again after August of that year. Notably, this prediction proved correct within just two weeks.

This January, Peterson proposed a bold price target of $1.5 million for Bitcoin within the next decade. At that time, Bitcoin was trading around $92,000. "In the year 2035, Bitcoin will reach - and I stand by this - $1.5 million. Somewhere, someone will ask, 'Is now a good time to buy Bitcoin?'" he stated.

Bitcoin's "Cooling Off Period" May Last 3 Months

Further analysis from Peterson suggests that the recent surge to $78,000 was an unrealistic spike, indicating a need for stabilization.

Related: Bitcoin No Longer ‘Safe Haven’ as $82K BTC Price Dive Leaves Gold on Top

Earlier in February, Peterson mentioned that it would be challenging to push Bitcoin's market value beneath $80,000 based on the Bitcoin Price to Trend metric. He highlighted that significant price drop events typically usher in a two to three-month cooling-off phase, advising that after such periods, the market often rebounds swiftly.

A post from February 25 noted, "Capitulation events like today are always followed by a 2-3 month cooling off period. After that, it’s game on again like nothing ever happened."

Bitcoin Price to Trend chart. Source: Timothy Peterson/X

This article does not provide investment advice or recommendations. All investment and trading decisions carry risk, and readers should conduct their own research before proceeding with any investment actions.

Bitcoin, Price, Forecast