Crypto analyst Adam Back believes Bitcoin (BTC) could reach the $100,000 price mark ahead of the April halving event. This prediction comes as Bitcoin continues to recover from a somewhat bearish month in January. Data from price tracking site CoinMarketCap reveals that BTC price rose 11.02% in the last week and entered the $47,000 zone.
Dual bull cycle?Analysts predict Bitcoin bull market ahead of halving
In a February 10th post to predicted to reach. His prediction on Bitcoin historical price data states that, similar to Friday, BTC will cross the $47,000 mark on October 1, 2021 and will take 41 days to reach its current ATH of $69,045. .
October 1, 2021 #bitcoin Like yesterday, it surpassed $47,000 and is then heading towards an ATH of $69,000. Its preparation took 41 days. 70 days left until halving. Just another data point on what that is like and how you can earn a new ATH or $100,000 by the halving. pic.twitter.com/jmtQIHcenR
— Adam Back (@adam3us) February 10, 2024
The analyst explained that he expects BTC to maintain its current upward trajectory and embark on a bull run that could record a new ATH within the 70 days leading up to the Bitcoin halving. Buck’s price prediction appears to be somewhat unique, as historically Bitcoin bull markets typically occur several months after a halving event.
However, in a subsequent response to a particular X user, the cryptocurrency analyst explained that he expects the recent Bitcoin Spot ETF launch to trigger a bull run ahead of the halving event. After a somewhat rocky start, the Bitcoin spot ETF market finally appears to have found its expected rhythm, posting consistently positive net inflows throughout the past week.
Notably, on Friday, net inflows into the emerging ETF market totaled $541.5 million, second only to the $655.3 million recorded in the first trade on January 11th. Furthermore, Grayscale’s GBTC consistently recorded new net inflows as outflows continued to decline. The lowest price is $51.8 million.
Adam Back predicts that consistent developments in the Bitcoin spot ETF market over the coming weeks could trigger a pre-halving bull run, with the asset reaching the $100,000 price mark. Furthermore, analysts believe that Bitcoin is repeating its bull run months after the halving event, creating a double bull cycle.
BTC price overview
At the time of writing, Bitcoin is trading at $47,716, reflecting a 0.88% price increase from the previous day. However, the daily trading volume of the token has decreased by 59.68% and its value has reached $15.92 billion. Meanwhile, BTC continues to dominate the cryptocurrency market with the largest asset market capitalization 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