$BTC #WhiteHouseCryptoSummit #USCryptoRecerve
Peterson's Lowest Price Forward metric doesn't tell where Bitcoin's price will go, but rather where it won't go. In June 2020, he predicted that Bitcoin would never revisit four-digit prices again, which held true with just a slight delay. He also set a long-term price target of $1.5 million for Bitcoin by 2035 when Bitcoin was trading around $92,000 earlier this year. Despite market downturns, Peterson remains confident about Bitcoin's long-term potential.
Bitcoin's price recently dipped to $78,000, which Peterson described as unsustainable. He noted that market corrections often follow "capitulation events," which are followed by a two to three-month cooling-off period. During this time, prices stabilize before making their next upward move. He argued that the market is unlikely to fall below $80,000 based on the Bitcoin Pric Trend metric, which tracks long-term price trends.
