Bitcoin (BTC), the leading cryptocurrency, has defied expectations of a steep decline to sub-$20,000 levels and has rebounded to the $26,000 mark, registering a 3.5% gain over the past 24 hours.
This resurgence in Bitcoin’s price coincides with the predictions made by Chartered Financial Analyst Timothy Peterson, whose recent social media post outlined the probabilities of Bitcoin dropping to $22,600 or rallying to $31,200 within the next 90 days.
Bitcoin Price Analysis, 8% Chance Of Drop To $22,600
Peterson’s analysis indicates an 8% likelihood of Bitcoin experiencing a downward movement to $22,600, while a 71% chance of the cryptocurrency surging to $31,200.
According to the chart above, Bitcoin’s price will likely enter a macro consolidation phase over the next 90 days. During this period, the price may fluctuate within the range of its key Moving Averages (MAs).
However, the crucial factor for bullish investors is the low probability of a drop below $22,000. This allows t
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