Bitcoin forecast suggests $69,000 as potential new price floor

Bitcoin (CRYPTO:BTC) may have established a new price floor of $69,000, according to Timothy Peterson, a network economist and creator of the “Lowest Price Forward” metric.

This forecasting tool, introduced in 2019, suggests a 95% probability that Bitcoin will not fall below this level again.

“Lowest Price Forward doesn’t tell you where Bitcoin will be. It tells you where Bitcoin won’t be. There is a 95% chance it won't fall below $69K,” stated Peterson, sharing his analysis on March 4 via X, formerly known as Twitter.

The metric has previously demonstrated accuracy, notably predicting in mid-2020 that Bitcoin would not revisit four-digit price levels from August of that year onward.

While there was a brief delay of two weeks in its realisation, the prediction ultimately held true.

Despite recent volatility, including Bitcoin dropping to its lowest point since November 2024, Peterson remains optimistic about the cryptocurrency’s long-term trajectory.

He previously forecasted that Bitcoin could reach $1.5 million by 2035.

At the time of this prediction in January, Bitcoin was trading at approximately $92,000.

Peterson also addressed current market conditions, describing the recent dip to $78,000 as unsustainable.

He noted that significant downturns are often followed by a stabilisation phase.

“Capitulation events like today are always followed by a 2-3 month cooling off period,” he wrote on February 25.

He added that after this period of consolidation, the market typically resumes its upward momentum.

While some market participants remain cautious about the future of Bitcoin’s bull run, Peterson’s analysis suggests that the cryptocurrency’s long-term fundamentals remain intact.

However, geopolitical factors and other macroeconomic conditions may continue to influence short-term price movements.

At the time of reporting, the Bitcoin (BTC) price was $91,640.08.