Bitcoin (BTC) Price at $100K Is a Matter of When Not If, Says Adam Back
Back noted that the crypto community’s reaction to bitcoin’s latest rally to $73,000 was lackluster.
Adam Back, a British cryptographer and co-founder of blockchain tech company Blockstream, believes Bitcoin (BTC) reaching $100,000 is way overdue and a matter of when, not if.
According to a Thursday tweet by the famous Bitcoin proponent, there is little market euphoria as the leading digital asset records $1,000-$5,000 green candles because the community expects a $100,000 all-time high (ATH) soon.
BTC at $100K Way Overdue
Within the past month, BTC has recorded more than 46% gains, surpassing a previous ATH of $69,000 set in the last bull run. The cryptocurrency soared past $70,000 earlier this week, exceeding $72,000 and $73,000 on Monday and Wednesday, respectively. Data from CoinMarketCap showed BTC hovering around $73,400 at the time of writing.
Back noted that Bitcoin’s latest feat received a lackluster reaction from crypto community members. “No one said anything,” he remarked.
The Blockstream CEO thinks the community’s reaction was due to a general belief that BTC hitting $100,000 has been overdue for a few years, hence the lack of enthusiasm at the asset’s climb to $73,000. “Just tick tock $100k,” he added.
Bitcoin tapped $73k tuesday. No one said anything. Spent much of wednesday above $73k. I think the reason things are muted is that $100k seems way overdue, for a few years now, so there’s not much bull market euphoria as the $1-5k green candles scroll by. Just tick tock $100k. pic.twitter.com/Q1ugNAPw29
— Adam Back (@adam3us) March 14, 2024
Back’s Previous BTC Predictions
Back once predicted that BTC would skyrocket to $100,000 by Christmas 2021. Interestingly, his forecast tallied with precious metal and Bitcoin analyst Florian Grummes and the popular stock-to-flow (S2F) model. At the time, Back believed the digital asset had reached a satisfying level of global acceptance and deployment.
The British cryptographer reiterated his BTC at $100,000 prediction in June 2022, while the crypto market experienced a pullback. He expected bitcoin to touch that price by the end of the year if the asset broke its correlation to traditional finance markets and the United States Securities and Exchange Commission (SEC) approved Grayscale’s spot Bitcoin exchange-traded fund (ETF).
In August 2023, the Blockstream co-founder also bet one million satoshis that BTC would become valued at $100,000 before the upcoming halving event slate for mid-April. He said Bitcoin miners could significantly influence BTC prices around the halving, causing the asset to record a new high.
With Bitcoin halving about a month away and the cryptocurrency trading at $73,000, it remains to be seen if Back’s predictions will come true.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Stablecoin Legislation Booms Globally, Why Is China Taking the Opposite Approach? An Article to Understand the Real National Strategic Choices
Amid the global surge in stablecoin legislation, China has chosen to firmly curb stablecoins and other virtual currencies, while accelerating the development of the digital yuan to safeguard national security and monetary sovereignty. Summary generated by Mars AI. This summary is produced by the Mars AI model and its accuracy and completeness are still being iteratively improved.
Liquidity migration begins! Japan becomes the Fed's "reservoir," 120 billions in carry trade returns set to ignite the December crypto market
The Federal Reserve has stopped quantitative tightening and may cut interest rates, while the Bank of Japan plans to raise rates, changing the global liquidity landscape and impacting carry trades and asset pricing. Summary generated by Mars AI. This summary is produced by the Mars AI model, and the accuracy and completeness of its content are still under iterative improvement.
Weekly Hot Picks: Bank of Japan Sends Strongest Rate Hike Signal! Is the Copper Market Entering a Supercycle Rehearsal?
The leading candidate for Federal Reserve Chair is being questioned for potentially "accommodative rate cuts." Copper prices have reached a historic high, and a five-hour meeting between the United States and Russia ended without results. Expectations for a Japanese interest rate hike in December have surged, and Moore Threads' stock soared more than fivefold on its first day... What market moves did you miss this week?
Monad Practical Guide: Welcome to a New Architecture and High-Performance Development Ecosystem
This article will introduce some resources to help you better understand Monad and start developing.
Trending news
MoreCrypto prices
More
