Blockstream CEO Adam Back, one of the alpha crypto’s early pioneers, has made a super bullish Bitcoin price prediction. Back envisions BTC, the leading cryptocurrency by market cap, registering a new historic high price this weekend.
New Bitcoin Record High In View
Bitcoin seemed to be on a roll earlier this month, reaching an all-time high of 73,737 on March 14. At press time, the crypto was trading at just above $70,152, up a measly 0.1% over the past 24 hours, 4.7% shy of its current all-time high.
However, Blockstream’s Adam Back expects Bitcoin to record a new lifetime peak this long Easter weekend. Among other bullish signs, Back noted that traditional exchanges, including those that trade Bitcoin-based shares, will be offline, so “GBTC can’t be dumped by bankruptcies”. “Coinbase “circuit-breaker” won’t crash as the base volume is lower,” the Bitcoin OG added, referencing the crash witnessed at top U.S. crypto exchange Coinbase in late February.
The Bitcoin pioneer then pointed out that Bitcoin just needs three $1,000-day candles to beat its current historic high. He also quoted the new “Dune” movie — “The slow blade penetrates the shield.” Moreover, Bitcoin quietly shrugged off the largest quarterly futures options expiry in history.
also quietly shrugged off a record breaking $9.5bil #bitcoin option close with low max pain ($51k) this morning 8am GMT. and wandering back up for the weekend https://t.co/KSY4vZ971f
— Adam Back (@adam3us) March 29, 2024
Despite the $9.53 billion futures options expiry, the price impact was minimal, suggesting the Bitcoin pre-halving retracement may be over.
The price of Bitcoin has skyrocketed as interest in ETF products increased and traditional investors dived into the market following the January approvals. Purchasing shares in a spot Bitcoin ETF gives investors exposure to BTC without the need to buy and store the crypto themselves.
And just as industry experts had forecasted for years, Bitcoin ETFs have resulted in a stream of fresh money flooding the crypto market. BlackRock alone now holds more than $15 billion in BTC.
Bitcoin investors and pundits are closely monitoring the asset’s price action as the network is expected to undergo its fourth halving in around 20 days. The halving event will squeeze the available Bitcoin supply amid pent-up institutional demand via the spot ETFs. Halvings are designed to counteract Bitcoin’s inflation and have historically boosted the BTC price.
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