TLDR
- Bitcoin trading around $88,000 while market participants await Trump’s White House crypto summit on March 7
- Analysts predict high volatility during Friday’s event with potential for price movement in either direction
- Holding the $89,000 support level viewed as essential for Bitcoin’s short-term price action
- Swan Bitcoin CEO Cory Klippsten forecasts a greater than 50% chance of Bitcoin reaching new all-time highs by June
- Recent macroeconomic uncertainties including tariff announcements have created temporary market hesitation
Bitcoin prices hover around $88,000 as the crypto market braces for President Trump’s first-ever White House crypto summit. This landmark event has created a mixture of excitement and uncertainty in the market.
Recent days have seen Bitcoin recover from its weekly lows. The price jumped about 9% from $81,500 support to temporarily break above $90,000. Traders attribute this bounce to anticipation of Friday’s high-profile gathering.
The March 7 summit will bring together major crypto industry leaders. The attendee list includes well-known figures such as MicroStrategy’s Michael Saylor, Coinbase’s Brian Armstrong, and Vladimir Tenev from Robinhood. This unprecedented meeting marks a potential turning point for crypto-government relations.
Technical analysts have pointed to unclear signals on longer timeframes. Market watcher Altcoin Sherpa notes that Bitcoin must maintain support at $89,000 to keep momentum heading into the summit. This level has become the focal point for many traders.
Market volatility is expected to increase during Friday’s meeting. Analysts predict price swings in both directions as news emerges from the White House event. Many investors are taking a wait-and-see approach before making new moves.
Trading expert Daan Crypto Trades described the current market as caught between competing forces. “Bitcoin is still struggling to hold on to the range, but bears have also failed a further breakdown after the initial rejection,” he explained. This creates tension ahead of the summit.
Key Event Could Reshape Crypto Landscape
The very existence of this summit represents progress for the industry. Daan Crypto Trades called it “a very promising sign for the next 4 years” regardless of immediate price action. This stands in contrast to previous years when regulatory pressure dominated headlines.
https://twitter.com/DaanCrypto/status/1897636267187138754
Analyst Crypto Jelle advised caution until the summit concludes. He warned that underwhelming news could trigger renewed selling pressure. The market currently lacks other clear catalysts that could offset negative sentiment.
Some chart analysts see higher targets if certain conditions are met. Crypto Jelle spotted a potential “Power of 3” pattern forming on Bitcoin’s chart. This technical setup suggests a possible move toward $140,000 if Bitcoin successfully reclaims and holds key levels.
This pattern breaks down market cycles into three distinct phases. These include accumulation near recent highs, manipulation below support, and finally distribution with strong price breakouts. According to this analysis, Bitcoin is attempting to move into the third, most bullish phase.
Cory Klippsten, CEO of Swan Bitcoin, shared optimism about medium-term prospects. In comments to Cointelegraph, he stated there’s “more than a 50% chance we will see all-time highs before the end of June this year.” However, he acknowledged short-term challenges exist.
Klippsten specifically mentioned economic factors creating hesitation. “The market needs to first digest tariffs, trade war fears, and growth scare fears,” he noted. These external factors have temporarily dampened enthusiasm despite strong fundamentals.
Recent price action shows Bitcoin has fallen nearly 14% since February 1. This decline followed Trump’s announcement of new import tariffs affecting goods from China, Canada, and Mexico. The impact of these economic policies has temporarily overshadowed crypto-specific developments.
Despite these headwinds, Klippsten characterized the current situation as “a pause, not an end to the bull run.” He emphasized that institutional interest remains strong despite temporary uncertainty in the broader markets.
Bitcoin recently declined after Trump signed an executive order creating a Strategic Bitcoin Reserve. While the order confirmed the government wouldn’t sell existing Bitcoin holdings, it lacked details about future acquisition plans. This ambiguity contributed to market uncertainty.
Network economist Timothy Peterson provided additional price projections. He expects Bitcoin to trade in a range between $85,000 and $95,000 for six to twelve weeks. Following this consolidation, he anticipates a gradual move back above $100,000.
Bitwise Invest CEO Hunter Horsley compared recent price action to previous market cycles. He noted that Bitcoin similarly declined after the launch of spot Bitcoin ETFs in January 2024, only to later reach new all-time highs. “Traders gonna trade,” he remarked on social media.
At press time, Bitcoin trades at $88,372, down 1.3% over the past 24 hours. All eyes remain focused on the White House as the crypto industry prepares for its most high-profile government engagement to date.
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