According to Blockstream CEO Adam Back, Bitcoin (BTC) is “super cheap” at current prices.
According to Back’s perspective, the comprehension of value among investors is inadequately spread out. In simpler terms, the ordinary investor often lacks the necessary experience and calmness during market downturns to fully grasp the concept of value. They may require going through a few bear markets to become more seasoned and gain a deeper understanding.
The largest cryptocurrency is currently changing hands at $69,477 after dropping by 0.5%.
Post-halving crash?
After Jeff Ross, the founder and CEO of Vailshire Capital, forecasted a potential 40% decrease in Bitcoin‘s price post-halving, Back made an optimistic remark.
Based on current market conditions, it’s possible that Bitcoin could experience a drop of nearly 40% from its recent peak of around $74,000. Such a decline would be typical and still fall within the normal range for cryptocurrency price fluctuations. I wouldn’t be shocked if we witnessed a slight correction.
Ross is skeptical about Bitcoin reaching $100,000 solely due to the spot ETF news. In his opinion, “I don’t believe that will materialize. Therefore, let’s keep our hopes in check, as I anticipate a disillusioning Bitcoin price trend during the spring and summer season.”
According to Ross’s forecast, the upcoming correction will pave the way for a genuine bull market towards the end of 2024.
Arthur Hayes, one of the BitMEX co-founders, has warned that the cost of Bitcoin might plunge before the upcoming halving occurs.
$100,000 prediction
According to U.Today’s news, Back expressed that Bitcoin’s price of $73,737 at the time was considered late for reaching six figures by him. Back, who leads Blockstream, had previously expressed his belief that everyone was expecting Bitcoin’s price to surpass $100,000.
If Bitcoin were to surpass gold’s market value, estimations suggest that its price could potentially rise to an astonishing $700,000.
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2024-04-12 18:48