Cryptocurrency creator claims Bitcoin's $100,000 value is a steal, discloses actual peak value in the cycle
In the world of cryptocurrency, the future of Bitcoin continues to be a topic of intense discussion. Recent predictions from industry leaders suggest that the digital currency could be on the brink of a major bull run.
Adam Back, the co-founder and CEO of Blockstream, is among those who believe in Bitcoin's potential for significant growth. Back projects that Bitcoin could climb to a peak of $500,000 to $1 million during this current cycle. He also believes that a $100,000 valuation for Bitcoin is "too cheap" relative to its true cycle top.
However, Back also acknowledges that macroeconomic disruptions may have suppressed Bitcoin's potential upside. He points to the pandemic-related money printing and global supply chain issues as factors that impacted the most recent halving cycle.
The Bitcoin market has been gaining momentum in recent weeks, and this trend seems to be continuing. If the pattern holds where Bitcoin closes September in the green, as it has this year, October and November have historically been "giga bullish," according to crypto expert Ash Crypto. If this pattern continues, the final quarter of 2021 could mark the beginning of a major bull run.
Crypto analyst IncomeSharks has also weighed in on the matter, projecting that Bitcoin could reach $120,000 by the end of the week. IncomeSharks' chart highlights a "small support break" that has already been recovered, strengthening the bullish case for further price movement.
Bitcoin has rebounded from its correction below $108,000 and is now trading above $117,000. If momentum continues as anticipated, a decisive test of resistance levels near $124,000 appears imminent.
However, Back also cautions that Bitcoin miners could sustain a price drop of about 20% before capitulating, indicating resilience but also potential volatility in the current cycle. This underscores the need for investors to approach the market with caution and a long-term perspective.
Despite these warnings, Back recently emphasized that the market continues to underestimate Bitcoin's long-term potential. He views the previous peak of Bitcoin, which was above $73,000, as a temporary cap influenced by external economic headwinds.
In conclusion, while the cryptocurrency market remains volatile, many experts are optimistic about Bitcoin's future. As we move into the final quarter of 2021, it will be interesting to see whether these predictions come to fruition.
Read also:
- MRI Scans in Epilepsy Diagnosis: Function and Revealed Findings
- Hematology specialist and anemia treatment: The role of a hematologist in managing anemia conditions
- Enhancing the framework or setup for efficient operation and growth
- Hydroelectric Power Generation Industry Forecasted to Expand to USD 413.3 Billion by 2034, Projected Growth Rate of 5.8% Compound Annual Growth Rate (CAGR)
