Back has pointed out the crypto community’s subdued response to Bitcoin’s recent surge to $73,000.<\/p>\n\n\n\n
Adam Back, the British cryptographer and a key figure behind Blockstream, is convinced that it’s only a matter of time before Bitcoin (BTC) reaches the $100,000 milestone, arguing that it’s not a question of if but when.<\/p>\n\n\n\n
In a recent tweet, the well-known advocate for Bitcoin expressed that the current lack of excitement over Bitcoin’s significant gains, ranging between $1,000 to $5,000, is because the community is anticipating the cryptocurrency to hit a new all-time high (ATH) of $100,000 soon.<\/p>\n\n\n\n
Bitcoin Destined for $100K<\/p>\n\n\n\n
Bitcoin has seen an impressive surge of over 46% in the past month, breaking past its previous ATH of $69,000 from the last surge. This week, the cryptocurrency exceeded $70,000, reaching highs of over $72,000 and $73,000 on Monday and Wednesday, respectively. According to CoinMarketCap, Bitcoin was trading around $73,400 at the time this was written.<\/p>\n\n\n\n
Back observed that the crypto community did not strongly react to Bitcoin’s recent achievements. He commented that it went relatively unnoticed, stating, “No one said anything.”<\/p>\n\n\n\n
He believes the muted response is due to the widespread belief within the community that Bitcoin reaching $100,000 is long overdue, thus the lack of excitement for its current levels around $73,000. “Just tick tock $100k,” he remarked, indicating an expectation for this milestone.<\/p>\n\n\n\n
Insights into Back\u2019s Bitcoin Forecasts<\/p>\n\n\n\n
Previously, Back had predicted that Bitcoin would hit $100,000 by Christmas 2021. His prediction was in line with those of precious metal and Bitcoin analyst Florian Grummes and the stock-to-flow (S2F) model. At that time, Back was optimistic about Bitcoin’s level of global acceptance and its deployment.<\/p>\n\n\n\n
He reiterated his prediction of Bitcoin reaching $100,000 in June 2022, during a market downturn, suggesting that the milestone could be achieved by year-end if Bitcoin decoupled from traditional financial markets and if the U.S. Securities and Exchange Commission (SEC) approved Grayscale\u2019s spot Bitcoin ETF.<\/p>\n\n\n\n
In August 2023, Back wagered one million satoshis on Bitcoin hitting $100,000 before the next halving event scheduled for mid-April. He speculated that Bitcoin miners could play a crucial role in pushing the cryptocurrency’s price to new heights around the halving.<\/p>\n\n\n\n
As the Bitcoin halving approaches, with the cryptocurrency currently valued at $73,000, the crypto community watches closely to see if Back’s bold predictions will materialize.<\/p>","protected":false},"excerpt":{"rendered":"
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