Bitcoin’s latest price action has sparked a mix of optimism and caution among traders. According to network economist Timothy Peterson, Bitcoin (BTC) now has a 95% chance of staying above $69,000 indefinitely. His “Lowest Price Forward” metric, which accurately predicted past Bitcoin floors, suggests that BTC may never drop below this level again.

Why $69K Could Hold as a Bottom

Peterson, who developed this forecasting tool in 2019, previously called Bitcoin’s move beyond four-digit prices in 2020—an estimate that proved nearly spot-on. His analysis now points to $69,000 as a significant support level, even amid current market corrections.

While Bitcoin recently dipped to $78,000, the broader trend remains bullish, he argues. This aligns with his long-term prediction that BTC could hit $1.5 million by 2035.

Short-Term “Cooling Off” Period

Despite the positive long-term outlook, Peterson warns that Bitcoin could experience a two-to-three-month consolidation phase before resuming its rally. This pattern has historically followed market shakeouts and liquidation events, as seen in late February when BTC faced strong selling pressure.

What’s Next for BTC?

If $69K holds, it may serve as a launchpad for future price surges, making the current pullback a potential buying opportunity for long-term investors. However, Peterson acknowledges that Bitcoin’s path remains highly sensitive to macroeconomic and geopolitical factors.

Disclaimer: This article is for informational purposes only and does not constitute financial advice.