TLDR
Bitcoin currently trading near $88,000, struggling to reclaim the $90,000 mark ahead of Trump’s White House crypto summit
Market analysts predict significant volatility during Friday’s summit with potential price movement in either direction
Key support level at $89,000 considered crucial for Bitcoin’s short-term performance
Swan Bitcoin CEO Cory Klippsten believes there’s a “more than 50% chance” of Bitcoin reaching new all-time highs by June
Macroeconomic factors including tariff threats and inflation uncertainty creating short-term market hesitation
Bitcoin hovers near the $88,000 level as markets prepare for the first-ever White House crypto summit hosted by President Donald Trump. The landmark event scheduled for March 7 has created a mix of hope and caution among investors who are watching key support levels.
Over the past two days, Bitcoin has recovered from earlier weekly lows. The price surged approximately 9% from the $81,500 support level to briefly surpass $90,000. This recovery comes in anticipation of the US crypto summit.
The White House gathering will feature many high-profile industry figures. Attendees include MicroStrategy’s Michael Saylor, Coinbase CEO Brian Armstrong, and Robinhood CEO Vladimir Tenev. The unprecedented nature of this summit has generated cautious optimism.
Market analysts have noted the lack of clear direction on higher timeframes. Altcoin Sherpa emphasized that Bitcoin must hold the $89,000 support level to maintain its positive momentum through Friday’s events. The analyst suggested that “all options are on the table” regarding price movement.
The summit is expected to create price swings in both directions. Traders are preparing for increased volatility that could test recent support and resistance levels. Many are waiting for clearer signals before making larger moves.
Trader Daan Crypto Trades highlighted the current market condition. He noted that Bitcoin “is still struggling to hold on to the range, but bears have also failed a further breakdown after the initial rejection.” This creates a standoff situation ahead of the summit.
Industry Leaders Ready for Historic Summit
Despite short-term uncertainty, many view the summit itself as positive. Daan Crypto Trades called it a “very promising sign for the next 4 years” regardless of the immediate outcome. This represents a shift from previous years when the industry faced regular regulatory challenges.
Analyst Crypto Jelle warned investors not to get too excited until after the summit. He cautioned that disappointing news could trigger another sell-off, especially since few other bullish catalysts are on the immediate horizon.
$BTC Trading right against its previous range low yet again.
It’s still struggling to hold on to the range but bears have also failed a further breakdown after the initial rejection.
Interesting level that’s worth watching here over the next few days. Especially with the Crypto… pic.twitter.com/KuDCCXpPZf
— Daan Crypto Trades (@DaanCrypto) March 6, 2025
Some technical analysts see bigger potential ahead. Crypto Jelle identified a possible “Power of 3” pattern forming on Bitcoin’s chart. This pattern could target a price of $140,000 if range lows are successfully reclaimed and held.
The pattern divides price cycles into three phases: accumulation, manipulation, and distribution. According to this analysis, Bitcoin is pushing to reclaim the post-November breakout’s lower range. Holding the $90,000-$92,000 zone could trigger the pattern’s third phase.
Swan Bitcoin CEO Cory Klippsten shared a cautiously optimistic outlook. He told Cointelegraph that there is “more than a 50% chance we will see all-time highs before the end of June this year.” However, he acknowledged that markets need time to absorb recent macroeconomic developments.
Klippsten specifically pointed to market uncertainty around tariffs and inflation. “The market needs to first digest tariffs, trade war fears, and growth scare fears,” he explained. These factors have created short-term headwinds.
Bitcoin has dropped almost 14% since Trump announced import tariffs on goods from China, Canada, and Mexico on February 1. This macroeconomic shift has temporarily overshadowed crypto-specific developments.
Despite these challenges, Klippsten believes the current situation is “a pause, not an end to the bull run.” He noted that institutional demand hasn’t disappeared and that recent momentum hasn’t completely faded.
Bitcoin recently experienced price weakness following Trump’s executive order creating a Strategic Bitcoin Reserve. The order confirmed that most Bitcoin held by the US government would not be sold but lacked specifics about future acquisitions.
Network economist Timothy Peterson projected that Bitcoin may trade between $85,000 and $95,000 for the next six to twelve weeks. After this consolidation period, he expects it to slowly trend upward past $100,000 again.
At the time of writing, Bitcoin trades at $88,372, showing a 1.3% drop over the past 24 hours. All eyes remain on the White House crypto summit and its potential impact on market direction.
