TL;DR

One analyst predicts a substantial surge for Bitcoin (BTC) if it breaks past $97K, with strong buying pressure reinforcing bullish momentum.

While Trump’s March 7 crypto summit could spark optimism, some warn of a sell the news scenario that could lead to a market correction.

A 65% Increase on the Way?

Over the past several hours, Bitcoin (BTC) has stabilized in the $90,000-$92,000 range. Recall that in the last week, the primary cryptocurrency experienced enhanced volatility, with its price hovering between $78,000 and $95,000.

According to some analysts, pumping to a new all-time high is not out of the question. The popular X user Ali Martinez envisioned a target of $150,000 if BTC reclaims $97,000. He based his assumption on the Pi Cycle Top Indicator, an on-chain metric that identifies potential market tops of the leading digital asset. 

Shortly after, Martinez claimed the candlestick wicks on BTCs weekly chart signal strong buying pressure, meaning bulls might step in to defend key support levels.

Another analyst who outlined a bullish prediction was the X user CRYPTOWZRD. They maintained that moving above $91,500 will bring the next long location. 

A successful bullish breakout of that will result in a quick rally towards $100,000 or higher, the market observer added. 

Those curious to explore additional factors that may positively impact BTCs valuation in the short term can take a look at our dedicated article here. 

Beware of the Crypto Summit

US President Donald Trump will host a designated crypto summit in the White House on March 7. The highly-anticipated gathering is supposed to touch upon crucial topics, including regulatory frameworks, the future of the digital asset industry in America, and, of course, details on the crypto reserve. 

The event will supposedly be attended by some well-known names in the sector, such as Strategys founder Michael Saylor, Ripples CEO Brad Garlinghouse, Coinbases boss Brian Armstrong, and others. 

Many industry participants believe that the discussions would positively influence BTCs price. Others, though, have warned about a potential sell the news effect. 

Such a market phenomenon occurs when investors go on a buying spree in anticipation of good news, driving prices up before the event. When the news is finally released, many traders take profits, causing a substantial sell-off.

Earlier this week, US Commerce Secretary Howard Lutnick reportedly stated that Trump will unveil a BTC reserve strategy at the White House on March 7. Ali Martinez reacted to the disclosure, saying, Buy the rumor, sell the news.