Adam Back doubles down on $100K before halving amid sustained market rally
Blockstream CEO Adam Again believes that Bitcoin (BTC) is on observe to hit $100,000 per coin on or earlier than the halving.
Again reaffirmed his prediction in a series of tweets on Feb. 28 based mostly on present tendencies and sentiments inside the crypto market.
With the halving occasion solely 51 days away, Again’s projection has sparked discussions amongst buyers and lovers in regards to the potential for a considerable enhance in Bitcoin’s worth.
Momentum
Again’s evaluation factors to a confluence of things driving the market’s momentum, notably the liquidation of bears and leveraged shorts, who’ve been compelled out of their positions because of the rising costs.
Moreover, he mentioned that over-the-counter (OTC) buying and selling desks are operating low on cash amid every day purchase partitions of $500 million or 10,000 BTC from exchange-traded funds (ETFs), indicating an intense shopping for strain that would propel the market upwards quickly.
Again additionally noticed a shift in investor habits, with people initially ready for a worth dip now getting into the market attributable to concern of lacking out on additional features. This habits is mirrored within the adjustment of profit-taking restrict orders, with some buyers opting to take away or increase their promote orders in anticipation of upper costs.
The Blockstream CEO’s prediction aligns with the view held by most Bitcoin proponents — a few of whom see Bitcoin climbing to $1 million. In the meantime, extra sober predictions are calling for $150,000 earlier than year-end.
Gamma Squeeze
Again mentioned that Bitcoin sometimes surges in a short time throughout bull markets, and the roughly 20% climb over the previous two weeks signifies constructing momentum. He added that it solely took eight buying and selling for BTC to hit an ATH the final time it was buying and selling at $57,000.
Again’s reference to a statistic indicating that Bitcoin’s vital worth features sometimes happen inside a condensed timeframe every year provides an analytical dimension to the market’s expectations because it approaches new highs.
Again additionally mentioned that he was bullish on MicroStrategy, which now holds greater than $11 billion in BTC, as a drastic rise in Bitcoin’s worth has the potential to end in a “gamma squeeze” on the corporate’s inventory.
This sentiment is supported by others out there, with discussions across the notable enhance in Bitcoin’s month-to-month candle — the second highest in its historical past — and the speedy worth actions which have traditionally adopted vital milestones.
With virtually two full buying and selling left in February, Bitcoin’s month-to-month candle nonetheless has the potential to grow to be the most important of its lifetime.
