Is Bitcoin’s $69K Floor Here to Stay?
A well-regarded Bitcoin price forecasting model suggests that BTC has a 95% chance of never falling below $69,000 again.
New Floor Identified by ‘Lowest Price Forward’ Metric
On March 4, network economist Timothy Peterson shared a fresh insight into BTC price stability on X, highlighting a significant threshold identified by his Lowest Price Forward (LPF) model.
First introduced in 2019, LPF doesn’t predict BTC’s future highs but instead indicates price levels the cryptocurrency is unlikely to revisit. According to Peterson, the model now suggests that BTC/USD has a 95% probability of staying above $69,000 permanently.
“Lowest Price Forward doesn’t tell you where Bitcoin will be. It tells you where Bitcoin won’t be,” Peterson explained.
Bitcoin’s Future: A $1.5 Million Price Target?
Despite recent market volatility and geopolitical uncertainties affecting crypto prices, Peterson remains bullish. In January 2024, when BTC was trading around $92,000, he projected that Bitcoin would reach $1.5 million per coin by 2035—a forecast he stands by.
“The year is 2035. Bitcoin is at— and you can hold me to this—$1.5 million. And somewhere, someone is asking, ‘Is now a good time to buy Bitcoin?’” he wrote.
This isn’t the first time Peterson’s model has been accurate. Back in June 2020, he predicted that Bitcoin would never again trade below four-digit prices after August of that year. While BTC briefly dipped below $10,000 for a short period, his forecast ultimately proved correct.
Bitcoin’s “Cooling Off” Phase Could Last 2–3 Months
While BTC recently surged to $78,000, Peterson suggests that this level was unsustainable and that a period of market stabilization is now underway.
Citing the BTC Price to Trend metric in late February, he noted that it would be “difficult” for BTC to drop below $80,000. However, he also acknowledged that a temporary pullback could last two to three months before Bitcoin resumes its upward trajectory.
“Capitulation events like today are always followed by a 2-3 month cooling-off period,” he wrote on February 25, referring to the market’s liquidation cascade.
“After that, it’s game on again like nothing ever happened.”
With BTC’s historical resilience and strong long-term projections, market participants remain optimistic that the next bullish phase is just around the corner.
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