Bitcoin Price Expected to Reach $100,000 in 2024, According to Adam Back
Date: 2023-12-15 Author: Dima Zakharov Categories: IN WORLD
In a recent statement reported by Cointelegraph, Adam Back, the CEO of Blockstream, has expressed his strong conviction that Bitcoin is on the cusp of a major price rally. Back's prediction points to a potential Bitcoin price of $100,000 in the year 2024, and his reasoning is rooted in a combination of factors that have shaped the cryptocurrency market.
Back highlights three key factors that have significantly impacted the trajectory of Bitcoin:
The ongoing global pandemic, COVID-19.
The policy of quantitative easing in the United States and Europe.
Local conflicts and wars in various regions.
According to Back, these factors have not only affected the overall state of the market but have also influenced investor behavior. The need for cautious risk management has led many asset managers to sell their more liquid positions, and Bitcoin has been one of the assets to bear the brunt of this selling pressure. Back compares this phenomenon to previous occurrences involving gold, emphasizing that Bitcoin has faced similar challenges in recent years.
However, Back believes that recent positive developments, such as the recent Bitcoin market rally, indicate that the impact of these macroeconomic events may be diminishing. He suggests that Bitcoin is poised for a resurgence, potentially reaching the $100,000 mark in 2024.
Backing his prediction, Back references the Stock-to-Flow model popularized by the pseudonymous analyst PlanB, which has historically demonstrated accuracy in predicting Bitcoin's price movements. While acknowledging the model's reliability, Back also stresses the importance of not underestimating the influence of external factors on the market.
Adam Back is not alone in his bullish outlook for Bitcoin in 2024. Other analysts, including those at Matrixport, have expressed similar sentiments, anticipating significant growth for the cryptocurrency even without the approval of Bitcoin spot ETFs.
As the cryptocurrency market continues to evolve, Adam Back's prediction serves as a compelling topic of discussion among enthusiasts and investors alike, raising hopes for another remarkable chapter in Bitcoin's price history.
