Analyst Adam Back’s Prediction
Crypto analyst Adam Back predicts that Bitcoin (BTC) could hit $100,000 before the halving event in April. This is based on Bitcoin’s historical price data, which shows that it took 41 days for BTC to reach its previous ATH of $69,045 after crossing the $47,000 mark in October 2021.
Dual Bull Cycle
Back anticipates that BTC will continue its upward trajectory and embark on a bull run to possibly notch a new ATH within the next 70 days leading up to the Bitcoin halving event. This is unique as historically, the Bitcoin bull run usually occurs months after the halving event.
Bitcoin Spot ETFs and Grayscale’s GBTC
Back believes that the recent launch of the Bitcoin spot ETFs could induce a bull run before the halving event. The Bitcoin spot ETF market has experienced consistent positive net inflows, with a total net inflow of $541.5 million on Friday. Additionally, Grayscale’s GBTC continues to see a consistent decline in outflows, recording a new low of $51.8 million.
Dual Bull Cycle
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. He also supports Bitcoin still to repeat its bull run months after the halving event, painting a dual bull cycle.
Current BTC Price
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. BTC continues to dominate the crypto market with the largest asset market cap of $936.17 billion.