Bitcoin Price Forecast: Analyst Predicts $100,000 Peak Before Halving Event
11 February 2024 - 9:08PM
NEWSBTC
Crypto analyst Adam Back believes there is a chance Bitcoin (BTC)
could hit the $100,000 price mark ahead of the halving event in
April. This prediction comes as Bitcoin continues its recovery from
a rather bearish January. Data from the price tracking site,
CoinMarketCap, reveals that BTC’s price gained by 11.02% in the
last week, moving into the $47,000 zone. Related Reading:
Crypto Analyst Says Bitcoin At $100,000 Not Far Off, Here’s When
Dual Bull Cycle? Analyst Forecasts Bitcoin Bull Run Pre-Halving In
a post on X on February 10, Adam Back shared a Bitcoin price
forecast in which he predicted the digital asset to attain a new
all-time high (ATH) price before the much-anticipated halving event
on April 12, 2023. Back based his projections on Bitcoin’s
historical price data stating that just like on Friday, BTC crossed
the $47,000 mark on October 1, 2021, in what would be a 41-day
journey to its current ATH of $69,045. 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 explained that
he anticipates that BTC will maintain its present upward
trajectory, embarking on a bull run to possibly notch a new ATH
within the next 70 days leading up to the Bitcoin halving event.
Back’s price prediction comes across as somewhat unique as,
historically, the Bitcoin bull run usually occurs months after the
halving event. However, the crypto analyst explains in
subsequent responses to certain X users that he anticipates the
recent launch of the Bitcoin spot ETFs to induce a bull run before
the halving event. Following a rather rocky launch, the Bitcoin
spot ETF market appears to have finally found its expected rhythm,
with consistent positive net inflows recorded throughout last
week. Notably, on Friday, the budding ETF market experienced
a total net inflow of $541.5 million, second only to the $655.3
million recorded on the first trading session on January 11. In
addition, Grayscale’s GBTC continues to see a consistent decline in
outflows recording a new low of $51.8 million. Adam Back
predicts that a consistent development of the Bitcoin spot ETF
market over the next few weeks could trigger a bull run
pre-halving, causing the asset to potentially reach the $100,000
price mark. In addition, the analyst supports Bitcoin still to
repeat its bull run months after the halving event, painting a dual
bull cycle. Related Reading: Can Bitcoin Overcome Past
Trends? Examining The Pre-Halving Rally And Resistance Levels BTC
Price Overview At the time of writing, Bitcoin trades at $47,716,
reflecting a 0.88% gain in its price over the last day. However,
the token’s daily trading volume is down by a staggering 59.68% and
is valued at $15.92 billion. Meanwhile, BTC continues to dominate
the crypto market with the largest asset market cap of $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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