Crypto analyst Adam Back has made a bold prediction about the future price of Bitcoin (BTC). According to Back, there is a chance that BTC could hit the $100,000 mark before the much-anticipated halving event in April. This forecast comes as Bitcoin continues its recovery from a bearish period in January, with the price gaining 11.02% in the last week and moving into the $47,000 zone.
Back based his projections on Bitcoin’s historical price data, noting that BTC crossed the $47,000 mark on October 1, 2021, before reaching its all-time high (ATH) of $69,045 in a 41-day journey. Drawing parallels, he suggests that the next 70 days leading up to the halving event could be instrumental in pushing Bitcoin to a new ATH or possibly even $100,000. This prediction deviates from the norm, as the Bitcoin bull run usually occurs months after the halving event.
One of the factors contributing to Back’s price prediction is the recent launch of Bitcoin spot ETFs. Despite a rocky start, the ETF market has shown signs of stabilizing, with consistent positive net inflows recorded in the past week. On Friday, the market experienced a total net inflow of $541.5 million, second only to the $655.3 million recorded on the first trading session in January. Furthermore, Grayscale’s GBTC has witnessed a decline in outflows, reaching a new low of $51.8 million.
Adam Back believes that the development of the Bitcoin spot ETF market over the next few weeks could trigger a bull run before the halving event, potentially propelling the asset to the $100,000 price mark. He also suggests that Bitcoin may still repeat its bull run months after the halving, indicating the possibility of a dual bull cycle. However, it’s important to note that past performance is not indicative of future results, and investing in cryptocurrencies carries inherent risks.
As of now, Bitcoin is trading at $47,716, reflecting a 0.88% gain in its price over the last day. However, the daily trading volume has decreased significantly by 59.68% and is valued at $15.92 billion. Despite this, Bitcoin continues to dominate the crypto market, boasting the largest asset market cap of $936.17 billion.
While Adam Back’s price prediction for Bitcoin hitting $100,000 before the halving event is an interesting perspective, it remains speculative. The launch of Bitcoin spot ETFs and potential developments in the market may indeed impact Bitcoin’s price, but investing in cryptocurrencies should always be approached with caution. It is advisable to conduct thorough research before making any investment decisions and to be aware of the inherent risks involved.