Crypto analyst Adam Back believes there is a chance Bitcoin (BTC) could reach the $100,000 price mark before the April halving. This forecast comes as Bitcoin continues its recovery from a rather bearish January. Data from price tracking site CoinMarketCap shows that the price of BTC has increased by 11.02% in the last week and moved into the $47,000 area.
Dual bull cycle? Analysts Predict Bitcoin Bull Run Ahead of Halving
In a post on February 10 on Bitcoin's historical price data, his predictions say that just like Friday, BTC surpassed $47,000 on October 1, 2021, marking a 41-day journey to its current ATH of would be equivalent to $69,045.
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October 1, 2021 #Bitcoin has crossed the $47,000 mark like yesterday and is then on its way to the ATH of $69,000. This lead time lasted 41 days. There are still 70 days until the halving. Just another data point for what it looks like and how we could still reach a new high or even $100,000 before the halving. pic.twitter.com/jmtQIHcenR
– Adam Back (@adam3us) February 10, 2024
The analyst explained that he expects BTC to maintain its current uptrend and initiate a bull run to potentially reach a new high within the next 70 days before the Bitcoin halving. Back's price prediction seems somewhat unique since, historically, the Bitcoin bull run usually occurs months after the halving event.
However, the crypto analyst explains in subsequent responses to certain After a rather rocky start, the Bitcoin spot ETF market appears to have finally found its expected rhythm, with consistently positive net inflows recorded throughout last week.
Notably, the nascent ETF market recorded a total net inflow of $541.5 million on Friday, surpassing the $655.3 million recorded in the first trading session on January 11. Additionally, Grayscale’s GBTC continues to see a steady decline in outflows, registering a new record low of $51.8 million.
Adam Back predicts that steady performance in the Bitcoin spot ETF market over the next few weeks could trigger a pre-halving bull run, potentially allowing the asset to reach the $100,000 price mark. Furthermore, the analyst believes that Bitcoin will still repeat its bull run months after the halving, representing a double bull cycle.
BTC price overview
At the time of writing, Bitcoin is trading at $47,716, up 0.88% in price over the last day. However, the token's daily trading volume has declined 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 is 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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