Well-known expert and CEO of Blockstream Adam Back gave his forecast regarding the future of the Bitcoin cryptocurrency (BTC). The specialist assured that the cost of the flagship digital coin will reach $100,000 before the procedure of reducing rewards for miners by half. According to him, even before halving, virtual currency quotes will overcome their price maximum (ATH).
Blockstream CEO Adam Back is confident in his prediction. However, his forecast runs counter to historical BTC pricing trends. Numerous experts said they were skeptical of the entrepreneur’s prediction given the volatile nature of the cryptocurrency market.
Analyst Vijay Boyapati recently also wondered if BTC could reach its all-time high before the upcoming halving. Adam Back was practically the only specialist who expressed his confidence in this. As of December 4, 2023, the flagship cryptocurrency is trading just below $41,700.
Bitcoin’s market capitalization is $815.19 billion, and daily trading volumes exceeded $26.4 billion over the past 24 hours. The dominance of the BTC cryptocurrency on the market has grown to 52.6%. Let us remind you that the historical price maximum was reached at a value just below $69,000.
Market participants are extremely optimistic ahead of the potential approval of spot exchange-traded funds (ETFs) linked to BTC. According to experts, this could trigger a massive influx of funds from institutional investors, potentially triggering a bullish rally.
Critics caution against predictions like Beck’s. They note the market’s inherent volatility and risks. Some analysts are confident that digital gold prices will continue to fall in the medium and long term.