Adam Back forecasts Bitcoin to hit $100,000 in coming months

Bitcoin price will break the $100,000 level before the upcoming April 2024 halving, according to veteran industry executive and Blockstream CEO Adam Back.

That’s what I’ve been saying, my bet is $100k befofe the halving.

— Adam Back (@adam3us) December 2, 2023

This forecast came in response to Vijay Boyapati’s tweet, in which he wondered whether Bitcoin could reach an all-time high ahead of the block reward halving.

“That’s exactly what I’ve been saying, my bet is $100,000 before the halving,” Back asserted confidently.

In the comments he noted that his forecast does not account for a possible bullish impulse for the cryptocurrency in case the U.S. Securities and Exchange Commission approves spot Bitcoin-ETF.

Regarding the long-term movement of the digital gold’s price, the entrepreneur agreed with BitMEX co-founder Arthur Hayes’s view of reaching a level of $750,000 to $1,000,000 by 2026.

“Damn, I haven’t seen Adam Back publish public price forecasts before; there must be a huge event!”

Damn, haven’t seen Adam Back done public price prediction before, must be huge!

— Road to 100M (@btcDiamondHands) December 3, 2023

Several commentators agreed with the assessment of the Blockstream chief, with some even suggesting the possibility of surpassing the level he set. One of them argued that were it not for the FTX crash and other negative events in the market, Bitcoin’s peak could have reached $200,000.

I would say that if not for FTX and others selling clients btc and killing demand btc s actual high world have been 200isk k …so from that perspective even 100k is 50% of actual would have been ATH

— SY (@austinhodly) December 2, 2023

“From that perspective, even $100,000 is 50% of what would have been the actual ATH,” he stressed.

On Monday, December 4, Bitcoin’s price continued to rise and climbed above $41,500. In November, Matrixport analysts described the $40,000 breakout as “inevitable” after the claims by U.S. authorities against Binance and its former CEO Changpeng Zhao. According to the firm’s forecast, the price of digital gold by the halving will reach $63,140, and it will rise to $125,000 by the end of 2024.

Hayes, for his part, agreed with the view that the prospective approval of spot Bitcoin ETFs would be positive for the price, but pointed to a threat to the cryptocurrency’s appeal to institutional investors.