Bitcoin Forecast: $69,000 Projected as New Support Level
Timothy Peterson asserts that Bitcoin has a 95% chance of staying above $69,000, supported by the ‘Lowest Price Forward’ metric he created. Despite recent market lows, he remains optimistic about Bitcoin’s long-term prospects, predicting a significant price surge in the coming years. A cooling-off period of 2-3 months may follow any sharp drops in price, typical of market capitulation events.
According to a prominent Bitcoin forecasting tool, Bitcoin (BTC) has a 95% likelihood of remaining above the $69,000 mark indefinitely. Timothy Peterson, a network economist, revealed this information on March 4, citing the ‘Lowest Price Forward’ metric, which he developed in 2019. This metric indicates that BTC is extremely unlikely to fall below $69,000 again, providing a new threshold for investors to consider.
In summary, Timothy Peterson’s analysis of Bitcoin’s price suggests that the cryptocurrency is likely to maintain a minimum value of $69,000 with a 95% assurance. Despite recent market fluctuations, he remains confident in Bitcoin’s future but anticipates a potential cooling-off period following significant price changes. Investors should remain vigilant and conduct thorough research before making decisions.
Original Source: cointelegraph.com
Post Comment