Crypto analyst Adam Back believes there’s a likelihood Bitcoin (BTC) might hit the $100,000 worth mark forward of the halving occasion in April. This prediction comes as Bitcoin continues its recovery from a fairly bearish January. Data from the value monitoring web site, CoinMarketCap, reveals that BTC’s worth gained by 11.02% within the final week, shifting into the $47,000 zone.
Dual Bull Cycle? Analyst Forecasts Bitcoin Bull Run Pre-Halving
In a post on X on February 10, Adam Back shared a Bitcoin worth forecast by which he predicted the digital asset to achieve a brand new all-time excessive (ATH) worth earlier than the much-anticipated halving occasion on April 12, 2023. Back based mostly his projections on Bitcoin’s historic worth information stating that similar to on Friday, BTC crossed the $47,000 mark on October 1, 2021, in what can be a 41-day journey to its present ATH of $69,045.
1st oct 2021 #bitcoin crossed $47k like yesterday, then on it’s method to the $69k ATH. that run-up took 41 days. there are 70 days to the halving. simply one other information level for what it seems like, and the way we could but get a brand new ATH and even $100k earlier than the halvening. pic.twitter.com/jmtQIHcenR
— Adam Back (@adam3us) February 10, 2024
The analyst defined that he anticipates that BTC will preserve its current upward trajectory, embarking on a bull run to presumably notch a brand new ATH throughout the subsequent 70 days main as much as the Bitcoin halving occasion. Back’s worth prediction comes throughout as considerably distinctive as, traditionally, the Bitcoin bull run normally happens months after the halving occasion.
However, the crypto analyst explains in subsequent responses to sure X customers that he anticipates the current launch of the Bitcoin spot ETFs to induce a bull run earlier than the halving occasion. Following a fairly rocky launch, the Bitcoin spot ETF market seems to have lastly discovered its anticipated rhythm, with constant constructive internet inflows recorded all through final week.
Notably, on Friday, the budding ETF market experienced a complete internet influx of $541.5 million, second solely to the $655.3 million recorded on the primary buying and selling session on January 11. In addition, Grayscale’s GBTC continues to see a constant decline in outflows recording a brand new low of $51.8 million.
Adam Back predicts {that a} constant growth of the Bitcoin spot ETF market over the following few weeks might set off a bull run pre-halving, inflicting the asset to probably attain the $100,000 worth mark. In addition, the analyst helps Bitcoin nonetheless to repeat its bull run months after the halving occasion, portray a twin bull cycle.
BTC Price Overview
At the time of writing, Bitcoin trades at $47,716, reflecting a 0.88% achieve in its worth over the past day. However, the token’s every day buying and selling quantity is down by a staggering 59.68% and is valued at $15.92 billion. Meanwhile, BTC continues to dominate the crypto market with the most important asset market cap of $936.17 billion.
BTC buying and selling at $47,668 on the every day chart | Source: BTCUSDT chart on Tradingview.com
Featured picture from Forbes, chart from TradingView
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