Adam Back, a British cryptographer and co-founder of blockchain tech company Blockstream, believes Bitcoin (BTC) reaching $100,000 is way overdue and a matter of when, not if.
According to a Thursday tweet by the famous Bitcoin proponent, there is little market euphoria as the leading digital asset records $1,000-$5,000 green candles because the community expects a $100,000 all-time high (ATH) soon.
BTC at $100K Way Overdue
Within the past month, BTC has recorded more than 46% gains, surpassing a previous ATH of $69,000 set in the last bull run. The cryptocurrency soared past $70,000 earlier this week, exceeding $72,000 and $73,000 on Monday and Wednesday, respectively. Data from CoinMarketCap showed BTC hovering around $73,400 at the time of writing.
Back noted that Bitcoin’s latest feat received a lackluster reaction from crypto community members. “No one said anything,” he remarked.
The Blockstream CEO thinks the community’s reaction was due to a general belief that BTC hitting $100,000 has been overdue for a few years, hence the lack of enthusiasm at the asset’s climb to $73,000. “Just tick tock $100k,” he added.
Bitcoin tapped $73k tuesday. No one said anything. Spent much of wednesday above $73k. I think the reason things are muted is that $100k seems way overdue, for a few years now, so there’s not much bull market euphoria as the $1-5k green candles scroll by. Just tick tock $100k. pic.twitter.com/Q1ugNAPw29
— Adam Back (@adam3us) March 14, 2024
Back’s Previous BTC Predictions
Back once predicted that BTC would skyrocket to $100,000 by Christmas 2021. Interestingly, his forecast tallied with precious metal and Bitcoin analyst Florian Grummes and the popular stock-to-flow (S2F) model. At the time, Back believed the digital asset had reached a satisfying level of global acceptance and deployment.
The British cryptographer reiterated his BTC at $100,000 prediction in June 2022, while the crypto market experienced a pullback. He expected bitcoin to touch that price by the end of the year if the asset broke its correlation to traditional finance markets and the United States Securities and Exchange Commission (SEC) approved Grayscale’s spot Bitcoin exchange-traded fund (ETF).
In August 2023, the Blockstream co-founder also bet one million satoshis that BTC would become valued at $100,000 before the upcoming halving event slate for mid-April. He said Bitcoin miners could significantly influence BTC prices around the halving, causing the asset to record a new high.
With Bitcoin halving about a month away and the cryptocurrency trading at $73,000, it remains to be seen if Back’s predictions will come true.
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