Bitcoin has been on a continuous path to recovery after a disappointing January. As data from CoinMarketCap shows, the price of BTC has gained 11.02% in the past week, reaching the $47,000 zone. This positive momentum has led renowned crypto analyst Adam Back to suggest that there is a chance Bitcoin could hit the $100,000 price mark before the much-anticipated halving event in April.
Back shared his Bitcoin price forecast on X, stating that he based his projections on the digital asset’s historical price data. He highlighted that BTC crossed the $47,000 mark on October 1, 2021, before eventually reaching its all-time high (ATH) of $69,045 after a 41-day journey. This historical precedent leads Back to speculate that a similar pattern could emerge in the next 70 days leading up to the halving event, potentially driving Bitcoin to a new ATH or even $100,000.
Back’s forecast stands out as somewhat unique, as historically, Bitcoin’s bull runs have usually occurred months after the halving event. However, the analyst provides an explanation for his outlook. He believes that the recent launch of the Bitcoin spot ETFs could play a significant role in inducing a bull run before the halving event. Despite a rocky start, the Bitcoin spot ETF market has begun to find its rhythm, with consistent positive net inflows recorded throughout last week.
On Friday, the market experienced a total net inflow of $541.5 million, only second to the $655.3 million recorded on the first trading session back in January. Additionally, Grayscale’s GBTC has seen a consistent decline in outflows, reaching a new low of $51.8 million. Back predicts that the continued development of the Bitcoin spot ETF market in the coming weeks could trigger a bull run pre-halving, pushing the asset towards the $100,000 price mark. The analyst even suggests the possibility of a dual bull cycle, with Bitcoin repeating its bull run months after the halving event.
As of the time of writing, Bitcoin is trading at $47,716, representing a 0.88% gain in its price over the last day. However, the daily trading volume has seen a significant decline of 59.68%, valued at $15.92 billion. Despite this, Bitcoin continues to dominate the crypto market, boasting the largest asset market cap of $936.17 billion.
It is important to note that investing in cryptocurrency carries risks, and the content of this article should not be viewed as financial advice. The opinions expressed are solely those of crypto analyst Adam Back. Readers are advised to conduct their own research before making any investment decisions and to use the information provided on this website at their own risk.
With Bitcoin’s recent recovery and the potential impact of the Bitcoin spot ETF market, there is indeed a possibility for the digital asset to reach $100,000 before the halving event. While the future remains unpredictable, the crypto market is undoubtedly an exciting space to watch as we await further developments and price movements.