Bitcoin's New Price Floor: $69,000 Predicted
1min read Bitcoin's price trajectory has been a subject of intense scrutiny and debate among investors and analysts alike. One metric, developed by network economist Timothy Peterson, has gained significant attention for its accurate prediction of the 2020 bull run. In a recent post, Peterson shared an update to this metric, suggesting a new price floor for Bitcoin at $69,000.
Peterson's "Lowest Price Forward" metric, created in 2019, has a proven track record of accuracy. In June 2020, it predicted that Bitcoin would not revisit four-digit prices, a forecast that proved correct with a delay of just two weeks. More recently, in January 2023, Peterson set a $1.5 million BTC price target for the next decade.
In his latest analysis, Peterson revealed that there is a 95% chance that Bitcoin will not fall below $69,000. This suggests that the recent dip to $78,000 was unsustainable and that Bitcoin's long-term trajectory remains bullish. However, Peterson also acknowledged that a "cooling off period" of up to three months may be necessary before Bitcoin's price momentum returns.
Despite the potential short-term volatility, Peterson remains optimistic about Bitcoin's prospects. He believes that the crypto bull run is far from over and that investors should continue to monitor emerging sectoral trends and narratives to capitalize on opportunities in the market.
