Crypto analyst Adam Back believes there is a chance Bitcoin (BTC) will reach the $100,000 price mark ahead of the April halving. This prediction comes as Bitcoin continues its recovery after a rather bearish January. Data from price tracking site CoinMarketCap shows that the price of BTC has risen 11.02% over the past week, reaching the $47,000 zone.
Double bull cycle? Analysts predict Bitcoin Bull Run pre-halving
In a message on X on February 10, Adam Back shared a Bitcoin price prediction in which he predicted that the digital asset would reach a new all-time high (ATH) price before the highly anticipated halving on April 12, 2023. Back based his projections on Bitcoin’s historical price data and stated that as on Friday, BTC crossed the $47,000 mark on October 1, 2021, in what would be a 41-day journey to the current ATH of $69,045.
October 1, 2021 #bitcoin passed $47k just like yesterday and then headed for the $69k ATH. that run lasted 41 days. There are still 70 days until the halving. just a new data point for what it looks like, and how we can get another new ATH or even $100,000 before the halving. pic.twitter.com/jmtQIHcenR
— Adam Back (@adam3us) February 10, 2024
The analyst explained that he expects BTC to continue its current upward trajectory and begin a bull run to potentially reach a new ATH within the next 70 days, ahead of Bitcoin’s halving. Back’s price prediction seems somewhat unique, as historically the Bitcoin bull run usually occurs months after the halving.
However, the crypto analyst explains in subsequent responses to certain X users that he expects the recent launch of the Bitcoin spot ETFs to trigger a bull run before the halving. After a rather rocky launch, the Bitcoin spot ETF market appears to have finally found its expected rhythm, with consistent positive net inflows over the past week.
Particularly on Friday the nascent ETF market experienced a total net inflow of $541.5 million, second only to the $655.3 million recorded during the first trading session on January 11. Additionally, Grayscale’s GBTC continues to see a consistent decline in outflows, hitting a new low of $51.8 million.
Adam Back predicts that consistent development of the Bitcoin spot ETF market in the coming weeks could trigger a bull run before the halving, potentially pushing the asset to the $100,000 price point. Moreover, the analyst supports Bitcoin still repeating its bull run months after the halving, painting a double bull cycle.
BTC price overview
At the time of writing, Bitcoin is trading at $47,716, reflecting a 0.88% increase over the past day. However, the token’s daily trading volume has fallen by a whopping 59.68% and is valued at $15.92 billion. Meanwhile, BTC continues to dominate the crypto market with the largest asset market cap at $936.17 billion.
BTC trading at $47,668 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Forbes, chart from TradingView
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