Crypto analyst Adam Back suggests that Bitcoin (BTC) could potentially reach $100,000 before the halving event in April. This prediction comes as Bitcoin rebounds from a relatively downbeat January.
Recent data from CoinMarketCap indicates that BTC’s price rose by 11.02% in the last week, reaching around $47,000.
Analyst Predicts Bitcoin Bull Run Pre-Halving Due to ETF Influence
In a post on X on February 10, Back shared his Bitcoin price forecast, anticipating the digital asset to achieve a new all-time high (ATH) price before the much-awaited halving event on April 12, 2023. Back based his projections on Bitcoin’s historical price movements, noting that similar to the recent increase, BTC surpassed the $47,000 mark on October 1, 2021, eventually reaching its current ATH of $69,045 in a 41-day journey.
1st oct 2021 #bitcoin crossed $47k like yesterday, then on it's way to the $69k ATH. that run-up took 41 days. there are 70 days to the halving. just another data point for what it looks like, and how we may yet get a new ATH or even $100k before the halvening. pic.twitter.com/jmtQIHcenR
— Adam Back (@adam3us) February 10, 2024
The analyst forecasts that Bitcoin (BTC) will maintain its current upward trajectory, possibly reaching a new all-time high (ATH) within the next 70 days leading up to the Bitcoin halving event. This prediction deviates from historical patterns, where the Bitcoin bull run typically occurs months after the halving event.
Reasoning Behind Unique Forecast: The analyst attributes this unique forecast to the recent launch of Bitcoin spot ETFs. Despite a rocky start, the Bitcoin spot ETF market has begun to stabilize, with consistent positive net inflows recorded throughout the previous week.
Positive ETF Market Performance: On Friday, the ETF market experienced a substantial net inflow of $541.5 million, second only to the $655.3 million recorded on the first trading session on January 11. Additionally, Grayscale’s GBTC has seen a consistent decline in outflows, hitting a new low of $51.8 million.
Anticipated Bull Run and Dual Bull Cycle: Adam Back predicts that the continued development of the Bitcoin spot ETF market over the coming weeks could trigger a pre-halving bull run, potentially driving the asset’s price to the $100,000 mark. Moreover, the analyst suggests that Bitcoin may still experience a bull run months after the halving event, indicating a dual bull cycle.
Bitcoin Trading Update: Price Gain Amid Decreased Volume
At the time of writing, Bitcoin is trading at $47,716, showing a modest 0.88% increase in its price over the last day. However, the token’s daily trading volume has plummeted by a significant 59.68%, now valued at $15.92 billion.
BTC trading at $47,668 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Despite the decline in trading volume, Bitcoin maintains its dominance in the crypto market, boasting the largest asset market cap at $936.17 billion.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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