Bitcoin bull market momentum is due to return, but a “cooling off period” of up to three months may come first, Timothy Peterson says as he reveals a new BTC price floor.
Bitcoin has a 95% chance of staying above $69,000 forever, a classic BTC price forecasting tool says.
In a post to X on March 4, network economist Timothy Peterson revealed a new floor level from the “Lowest Price Forward” metric.
Bitcoin (BTC) remains highly sensitive to geopolitical decisions in 2025, last week hitting its lowest levels since November last year.
Bitcoin ETF outflows have nearly amounted to $750 million in the last two days as the crypto market consistently fell. BlackRock, the largest issuer, has offloaded around 2,000 BTC in the previous 24 hours.
Together, the ETF issuers sold off enough BTC that they collectively hold less than Satoshi. They surpassed him three months ago and continued buying huge amounts of Bitcoin, indicating truly massive sales.
This marks the seventh consecutive day of outflows for this ETF market. IBIT, BlackRock’s product, led these losses with $151 million in the last 24 hours.
“I know the markets are very ‘risk off’ at the moment with the Tariff uncertainty, but this is yet another outflow day from the US Spot ETFs, collectively now falling below Satoshi again. Given the bullish narrative from the SEC, Strategy raising 21 billion, State [Bitcoin Reserve] race and National [Bitcoin Reserve] bill, I find this a little surprising,” Edmondson claimed.
BlackRock alone has offloaded around 2,000 BTC since Edmondson posted yesterday’s daily tallies. It’s unclear how far the ETF issuers want to take this trend, but these Bitcoin sales are very concerning.
However, the US CPI report this morning was better than anticipated, which allowed Bitcoin a little breathing room. It’s anyone’s guess, however, how long this reprieve will actually last.
Donald Trump’s long-awaited White House Crypto Summit disappointed the crypto space. Its promises were underwhelming, and the community was undervalued. Bitcoin’s price fell slightly instead of an anticipated jump.
Several Trump-aligned crypto executives praised the President’s attempts to curtail federal regulators and suggested the industry was “doomed” without his intervention. Still, this frustration hasn’t boiled over into an all-out schism yet.
“Welcome to the first ever White House Digital Assets Summit. I know that many of you have been fighting for years for this, and it’s an honor to be here with you. Last year, I promised to make America the Bitcoin capital of the world… and we’re taking historic action to deliver on that promise,” Trump claimed.
However, the most bullish expectations of Trump and the Crypto Summit quickly fell. He addressed his Crypto Reserve plans in brief detail, offhandedly suggested that he could help FIFA launch a token, and postponed his timetable for friendly regulations to become law.
Mostly, crypto executives praised him as a savior of the industry, sparking backlash:
“That Summit was the most embarrassing thing I’ve ever witnessed. This is really what we’ve come to? Is everyone just worshipping Trump? Meanwhile, he has no idea what he’s reading off of, he’s just riffing on what David Sacks wrote him. We used to be cypherpunks, we used to be anti-government, now we [just] want the price to go up,” popular NFT trader Clemente claimed.
Excessive Deference Causes Pushback
Specifically, the televised Crypto Summit only lasted a little over 20 minutes, most of which did not involve Trump himself speaking.
Several close allies, such as Coinbase CEO Brian Armstrong, excessively praised the President’s attempts to curtail the SEC and other regulators. They suggested that Trump saved the industry from excessive enforcement under Gary Gensler.
This deferential attitude towards Trump, the Summit’s short duration, and lack of substantial promises created an overall negative impression.
By suggesting that the industry was “doomed” without Trump’s help, these executives ignore the community’s strength, resilience, and innovative spirit. Is it any wonder Bitcoin’s price fell afterward?
Participants at Trump’s Crypto Summit lauded his attempts to totally defang financial regulators, which is already sparking unprecedented turmoil within the federal government.
“The Crypto Summit is a disgrace. It’s a national embarrassment. The crypto faction that has captured the White House is precisely what our Founding Fathers warned us about. It will be a blight on whatever legacy Trump leaves and marks a low point for the presidency and the USA,” wrote Peter Schiff, financial commentator and crypto critic.
Ultimately, it doesn’t look like this Crypto Summit will precipitate a real break between Trump and the community overnight. People are dissatisfied, true, but some may yet benefit.
For example, Armstrong already announced that Coinbase will hire 1,000 more employees. It may take real economic losses for this ambient frustration to boil over.
However, overall, the summit remained largely underwhelming. It did not offer any significant positive development signal for the industry outside of the US market.
