TLDR
- Currently trading close to $88,000, Bitcoin grapples with surpassing the $90,000 threshold as it anticipates Trump's crypto summit at the White House.
- Experts foresee potential market turmoil during the summit on Friday, which could lead to significant shifts in Bitcoin's price.
- The $89,000 support threshold is seen as essential for Bitcoin's near-term trajectory, according to market experts.
- Swan Bitcoin's CEO Cory Klippsten is quite hopeful, estimating there's over a 50% chance of Bitcoin hitting new highs by June.
- Economic winds, like tariff disputes and inflation concerns, are generating hesitation in the crypto market in the short term.
Hovering near $88,000, Bitcoin braces for the historical White House crypto summit by President Trump. The event, slated for March 7, merges optimism with caution among investors.
In the past few days, Bitcoin jumped roughly 9%, recovering from past lows of $81,500 to breach $90,000, fueled by anticipation of the U.S. crypto summit.
The momentous White House event will see industry frontrunners like Michael Saylor and leaders from Coinbase and Robinhood partake, stirring cautious optimism.
Analysts note a lack of clear long-term direction. Altcoin Sherpa points out Bitcoin must cling to $89,000 support to sustain momentum through upcoming events.
The summit could lead to price fluctuations both narrowly and broadly. Traders are bracing for heightened volatility and scouting for clearer cues.
Trader Daan Crypto Trades outlined the current scenario; Bitcoin strains to maintain its range, while bearish forces failed to perpetuate a downfall.
Industry Experts Prepare for What Could Be a Historic Meeting
Though short-term uncertainties loom, some see the summit as promising for the coming years. Daan Crypto Trades termed it a 'positive sign,' marking a shift in regulatory tides.
Crypto analyst Crypto Jelle cautions against over-excitement pre-summit, warning of possible setbacks without additional bullish influences on the horizon.
$BTC Testing its prior low range once more.
Bitcoin strains to hold its range, but bearish forces falter further breakdown post-initial rebuff.
With the Crypto summit approaching, it’s an intriguing juncture deserving of close attention. pic.twitter.com/KuDCCXpPZf
— Daan Crypto Trades (@DaanCrypto) March 6, 2025
Technical analysts foresee significant potential. Crypto Jelle suggests a possible 'Power of 3' pattern on Bitcoin’s chart, targeting $140,000 if certain levels are reclaimed.
This pattern characterizes price cycles into phases—accumulation, manipulation, distribution. Holding the $90,000-$92,000 range could catalyze its next phase.
Swan Bitcoin's CEO Cory Klippsten offered a guardedly upbeat perspective, suggesting a good chance of reaching record highs by June, saying macroeconomic shifts need absorption.
Klippsten focused on market jitters around tariffs and inflation, explaining these short-term obstacles result from recent macroeconomic transitions.
Bitcoin Since Trump's tariff announcement on imports, the market has dipped nearly 14%, temporarily overshadowing crypto developments.
Despite headwinds, Klippsten believes it’s merely a pause, not an end to the bull wave, noting institutional interest stays robust.
Bitcoin faced a slump after Trump unveiled an executive order for a Strategic Bitcoin Reserve, confirming holdings but remaining vague on purchase policies.
Network economist Timothy Peterson foresees Bitcoin trading between $85,000-$95,000 for the coming months before a gradual climb past $100,000. that Bitcoin Currently at $88,372, Bitcoin has dipped 1.3% in the last 24 hours. Attentions remain fixed on the White House summit's potential market impact.
Maisie, seasoned in Crypto news, has reported for Moneycheck.com and is Blockfresh.com's Editor in Chief.
