Cryptocurrency analyst Adam Back suggests that Bitcoin (BTC) has the potential to reach $100,000 before the upcoming halving event in April. This prediction comes as Bitcoin experiences a significant uptrend in February. Recent data from CoinMarketCap indicates that the price of BTC has surged over 10% in less than 2 days, reaching approximately $56,200.
In a post on X on February 10, Back shared his Bitcoin price forecast, anticipating that the digital asset would achieve a new all-time high (ATH) before the highly anticipated halving event in April 2024. Back relies on his analysis of Bitcoin’s historical price volatility, noting that similar to the recent surge, BTC surpassed the $56,000 mark in 2021, ultimately reaching an ATH of $69,000 within 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 predicts that Bitcoin (BTC) will maintain its current upward trajectory, potentially reaching a new all-time high (ATH) within the next 70 days before the Bitcoin halving event. This forecast differs from historical patterns, where Bitcoin price increases typically occur several months after the halving event.
The unique forecast is attributed to the recent launch of Bitcoin spot ETFs. Despite a challenging start, the market for spot Bitcoin ETFs has begun to stabilize, with consistently positive net inflows recorded throughout the previous week.
Related: Bitcoin Surges to $55,000 as ETF Capital Inflows Set Record
Adam Back predicts that the ongoing development of the spot Bitcoin ETF market in the coming weeks could trigger a pre-halving price surge, potentially pushing the asset’s price to the $100,000 mark. Furthermore, the analyst suggests that Bitcoin might still undergo a price increase several months after the halving event, indicating a potential dual upward trend.
At the time of writing, Bitcoin is trading at $56,200, reflecting a more than 10% price increase over the past day. The daily trading volume of the token has surged by 183%, currently valued at $41.74 billion.
