Bitcoin (BTC) has been on a recovery path after a bearish January, with its price gaining 11.02% in the last week, reaching the $47,000 zone, according to data from CoinMarketCap. In light of this, renowned crypto analyst Adam Back predicts that BTC could potentially hit the $100,000 price mark before the anticipated halving event in April.
Adam Back’s optimistic projection is based on Bitcoin’s historical price data. He points out that on October 1, 2021, BTC crossed the $47,000 mark and eventually reached its all-time high (ATH) of $69,045 in a 41-day journey. Drawing from this data, Back suggests that the current trajectory of Bitcoin could lead to a new ATH or even $100,000 before the halving event, which is 70 days away.
Back’s prediction stands out from historical patterns, as the Bitcoin bull run typically occurs months after the halving event. However, he explains that the recent launch of Bitcoin spot ETFs might play a significant role in inducing a bull run before the halving event. Despite a rocky start, the Bitcoin spot ETF market has shown signs of improvement, with consistent positive net inflows recorded throughout the previous week.
Promising Signs from the ETF Market
The budding ETF market experienced a notable total net inflow of $541.5 million on a recent Friday, the second-highest since the first trading session on January 11, which recorded $655.3 million. Furthermore, Grayscale’s GBTC has seen a consistent decline in outflows, reaching a new low of $51.8 million. These positive developments in the Bitcoin spot ETF market lead Back to believe that a bull run might be triggered in the weeks leading up to the halving event.
Adam Back’s forecast goes beyond the pre-halving bull run. He anticipates that Bitcoin will repeat its bull run months after the halving event, suggesting the possibility of a dual bull cycle. This prediction highlights Back’s confidence in the long-term prospects of Bitcoin, even after reaching new ATHs.
As of now, Bitcoin is trading at $47,716, showing a 0.88% gain in price over the last day. However, the daily trading volume has decreased significantly by 59.68% and stands at $15.92 billion. Despite this, Bitcoin continues to dominate the crypto market with a staggering market cap of $936.17 billion, solidifying its position as the largest asset in the market.
While Adam Back’s prediction of Bitcoin reaching $100,000 before the halving event is optimistic, it is worth considering the historical data and recent developments in the Bitcoin spot ETF market. These factors, along with Back’s projection of a dual bull cycle, suggest that Bitcoin may have the potential to continue its upward trajectory and reach new ATHs. However, as with any investment, it is crucial to conduct thorough research and exercise caution when making investment decisions.