As Bitcoin continues its recovery after a bearish January, crypto analyst Adam Back suggests that there is a chance for the cryptocurrency to hit the $100,000 price mark before the much-anticipated halving event in April. Unlike previous predictions, Back believes that the bull run may occur prior to the halving event, thanks to the recent launch of Bitcoin spot ETFs.
Data from CoinMarketCap reveals that Bitcoin’s price has gained 11.02% in the last week, reaching the $47,000 zone. Back refers to historical price data, noting that Bitcoin crossed the $47,000 mark on October 1, 2021, before reaching its all-time high (ATH) of $69,045. He suggests that the current upward trajectory of Bitcoin may lead to a new ATH within the next 70 days leading up to the halving event.
Back’s price forecast differs from previous expectations, as the usual bull run in Bitcoin typically occurs months after the halving event. However, he explains that the recent introduction of Bitcoin spot ETFs may change this pattern. The Bitcoin spot ETF market initially faced challenges, but it has since gained momentum, with consistent positive net inflows recorded throughout the past week.
On Friday, the Bitcoin spot ETF market experienced a total net inflow of $541.5 million, the second-largest after the $655.3 million recorded on the first trading session on January 11. Additionally, Grayscale’s GBTC has seen a decline in outflows, reaching a new low of $51.8 million. Back suggests that if the Bitcoin spot ETF market continues to develop positively in the coming weeks, it could trigger a bull run before the halving event. This, in turn, could push the asset’s price towards the $100,000 mark.
Back predicts that even after the halving event, Bitcoin is likely to repeat its bull run, resulting in a dual bull cycle. This further supports his forecast of Bitcoin reaching $100,000. However, it is important to note that investing in cryptocurrencies carries risks, and individuals should conduct their own research before making any investment decisions.
At the time of writing, Bitcoin is trading at $47,716, reflecting a 0.88% gain in its price over the last day. However, its daily trading volume has decreased by 59.68% to $15.92 billion. Despite this, Bitcoin continues to dominate the crypto market with the largest market cap of $936.17 billion.
Adam Back’s forecast of Bitcoin potentially reaching $100,000 before the halving event brings a fresh perspective to the market. By analyzing historical price data and considering the recent launch of Bitcoin spot ETFs, Back suggests that the typical bull run may occur earlier this time. However, it is important for investors to exercise caution and conduct thorough research before making any investment decisions.
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