{"id":574445,"date":"2024-02-11T10:08:10","date_gmt":"2024-02-11T10:08:10","guid":{"rendered":"https:\/\/wncen.com\/?p=574445"},"modified":"2024-06-11T07:24:01","modified_gmt":"2024-06-11T07:24:01","slug":"bitcoin-price-forecast-analyst-predicts-100000-peak-before-halving-event","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-forecast-analyst-predicts-100000-peak-before-halving-event\/","title":{"rendered":"Bitcoin Price Forecast: Analyst Predicts $100,000 Peak Before Halving Event"},"content":{"rendered":"<p><span style=\"font-weight: 400\">Crypto analyst Adam Back believes there is a chance Bitcoin (BTC) could hit the $100,000 price mark ahead of the halving event in April. This prediction comes as Bitcoin <a href=\"https:\/\/wncen.com\/news\/bitcoin-back-above-48000-is-this-level-the-springboard-to-52000\/\" target=\"_blank\" rel=\"noopener \">continues its recovery f<\/a>rom a rather bearish January. Data from the price tracking site, CoinMarketCap, reveals that BTC\u2019s price gained by 11.02% in the last week, moving into the $47,000 zone.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-100000-not-far-of\/\" target=\"_blank\" rel=\"noopener \">Crypto Analyst Says Bitcoin At $100,000 Not Far Off, Here\u2019s When<\/a><\/div>\n<h2><strong>Dual Bull Cycle? Analyst Forecasts Bitcoin Bull Run Pre-Halving<\/strong><\/h2>\n<p><span style=\"font-weight: 400\">In<a href=\"https:\/\/x.com\/adam3us\/status\/44106330?s=20\" target=\"_blank\" rel=\"noopener nofollow\"> a post on X on February 10,<\/a> Adam Back shared a Bitcoin price forecast in which he predicted the digital asset to attain a new all-time high (ATH) price before the much-anticipated halving event on April 12, 2023. Back based his projections on Bitcoin\u2019s historical price data stating that just like on Friday, BTC crossed the $47,000 mark on October 1, 2021, in what would be a 41-day journey to its current ATH of $69,045.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">1st oct 2021 <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> crossed $47k like yesterday, then on it&#8217;s way to the $69k ATH. that run-up took 41 days. there are 70 days to the halving. just another data point for what it looks like, and how we may yet get a new ATH or even $100k before the halvening. <a href=\"https:\/\/t.co\/jmtQIHcenR\" rel=\"nofollow\">pic.twitter.com\/jmtQIHcenR<\/a><\/p>\n<p>\u2014 Adam Back (@adam3us) <a href=\"https:\/\/twitter.com\/adam3us\/status\/44106330?ref_src=twsrc%5Etfw\" rel=\"nofollow\">February 10, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">The analyst explained that he anticipates that BTC will maintain its present upward trajectory, embarking on a bull run to possibly notch a new ATH within the next 70 days leading up to the Bitcoin halving event. Back\u2019s price prediction comes across as somewhat unique as, historically, the Bitcoin bull run usually occurs months after the halving event.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">However, the crypto analyst explains in subsequent responses to certain X users that he anticipates the recent launch of the Bitcoin spot ETFs to induce a bull run before the halving event. Following a rather rocky launch, the Bitcoin spot ETF market appears to have finally found its expected rhythm, with consistent positive net inflows recorded throughout last week.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Notably, on Friday, the budding ETF market <a href=\"https:\/\/x.com\/BitMEXResearch\/status\/04316624?s=20\" target=\"_blank\" rel=\"noopener nofollow\">experienced<\/a> a total net inflow of $541.5 million, second only to the $655.3 million recorded on the first trading session on January 11. In addition, Grayscale\u2019s GBTC continues to see a consistent decline in outflows recording a new low of $51.8 million.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Adam Back predicts that a consistent development of the Bitcoin spot ETF market over the next few weeks could trigger a bull run pre-halving, causing the asset to potentially reach the $100,000 price mark. In addition, the analyst supports Bitcoin still to repeat its bull run months after the halving event, painting a dual bull cycle.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/wncen.com\/bitcoin-news\/can-bitcoin-overcome-past-trends-examining-the-pre-halving-rally-and-resistance-levels\/\" target=\"_blank\" rel=\"noopener \">Can Bitcoin Overcome Past Trends? Examining The Pre-Halving Rally And Resistance Levels<\/a><\/div>\n<h2><strong>BTC Price Overview<\/strong><\/h2>\n<p style=\"text-align: left\"><span style=\"font-weight: 400\">At the time of writing, Bitcoin trades at $47,716, reflecting a 0.88% gain in its price over the last day. However, the token\u2019s daily trading volume is down by a staggering 59.68% and is valued at $15.92 billion. Meanwhile, BTC continues to dominate the crypto market with the largest asset market cap of $936.17 billion.<\/span><\/p>\n<pre style=\"text-align: center\"><span style=\"font-weight: 400\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-large\" src=\"https:\/\/www.tradingview.com\/x\/H4ouisUy\/\" alt=\"Bitcoin\" width=\"1479\" height=\"893\">BTC trading at $47,668 on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/a1HHYwwN\/\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSDT chart on Tradingview.com<\/a>\r\n<\/span><\/pre>\n<div class=\"disclaimer-shortcode\"><em>Featured image from Forbes, chart from TradingView<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crypto analyst Adam Back believes there is a chance Bitcoin (BTC) could hit the $100,000 price mark ahead of the halving event in April. This prediction comes as Bitcoin continues its recovery from a rather bearish January. Data from the price tracking site, CoinMarketCap, reveals that BTC\u2019s price gained by 11.02% in the last week, moving into the $47,000 zone.\u00a0 Related Reading: Crypto Analyst Says Bitcoin At $100,000 Not Far Off, Here\u2019s When Dual Bull Cycle? Analyst Forecasts Bitcoin Bull Run Pre-Halving In a post on X on February 10, Adam Back shared a Bitcoin price forecast in which he predicted the digital asset to attain a new all-time high (ATH) price before the much-anticipated halving event on April 12, 2023. Back based his projections on Bitcoin\u2019s historical price data stating that just like on Friday, BTC crossed the $47,000 mark on October 1, 2021, in what would be a 41-day journey to its current ATH of $69,045.\u00a0 1st oct 2021 #bitcoin crossed $47k like yesterday, then on it&#8217;s way to the $69k ATH. that run-up took 41 days. there are 70 days to the halving. just another data point for what it looks like, and how we may yet get a new ATH or even $100k before the halvening. pic.twitter.com\/jmtQIHcenR \u2014 Adam Back (@adam3us) February 10, 2024 The analyst explained that he anticipates that BTC will maintain its present upward trajectory, embarking on a bull run to possibly notch a new ATH within the next 70 days leading up to the Bitcoin halving event. Back\u2019s price prediction comes across as somewhat unique as, historically, the Bitcoin bull run usually occurs months after the halving event.\u00a0 However, the crypto analyst explains in subsequent responses to certain X users that he anticipates the recent launch of the Bitcoin spot ETFs to induce a bull run before the halving event. Following a rather rocky launch, the Bitcoin spot ETF market appears to have finally found its expected rhythm, with consistent positive net inflows recorded throughout last week.\u00a0 Notably, on Friday, the budding ETF market experienced a total net inflow of $541.5 million, second only to the $655.3 million recorded on the first trading session on January 11. In addition, Grayscale\u2019s GBTC continues to see a consistent decline in outflows recording a new low of $51.8 million.\u00a0 Adam Back predicts that a consistent development of the Bitcoin spot ETF market over the next few weeks could trigger a bull run pre-halving, causing the asset to potentially reach the $100,000 price mark. In addition, the analyst supports Bitcoin still to repeat its bull run months after the halving event, painting a dual bull cycle.\u00a0 Related Reading: Can Bitcoin Overcome Past Trends? Examining The Pre-Halving Rally And Resistance Levels BTC Price Overview At the time of writing, Bitcoin trades at $47,716, reflecting a 0.88% gain in its price over the last day. However, the token\u2019s daily trading volume is down by a staggering 59.68% and is valued at $15.92 billion. Meanwhile, BTC continues to dominate the crypto market with the largest asset market cap of $936.17 billion. BTC trading at $47,668 on the daily chart | Source: BTCUSDT chart on Tradingview.com Featured image from Forbes, chart from TradingView<\/p>\n","protected":false},"author":581,"featured_media":574446,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,85510,8856,6848,1144,78790],"class_list":["post-574445","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-bull-cycle","tag-bitcoin-halving","tag-bitcoin-price-prediction","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Price Forecast: Analyst Predicts $100,000 Peak Before Halving Event<\/title>\n<meta name=\"description\" content=\"Crypto analyst Adam Back believes there is a chance Bitcoin (BTC) could hit the $100,000 price mark ahead of the halving event in April.\" 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While he started out writing on several subjects, Semilore soon found a knack for cracking down on the complexities and intricacies in the intriguing world of blockchains and cryptocurrency. Semilore is drawn to the efficiency of digital assets in terms of storing, and transferring value. He is a staunch advocate for the adoption of cryptocurrency as he believes it can improve the digitalization and transparency of the existing financial systems. In two years of active crypto writing, Semilore has covered multiple aspects of the digital asset space including blockchains, decentralized finance (DeFi), staking, non-fungible tokens (NFT), regulations and network upgrades among others. In his early years, Semilore honed his skills as a content writer, curating educational articles that catered to a wide audience. His pieces were particularly valuable for individuals new to the crypto space, offering insightful explanations that demystified the world of digital currencies. Semilore also curated pieces for veteran crypto users ensuring they were up to date with the latest blockchains, decentralized applications and network updates. This foundation in educational writing has continued to inform his work, ensuring that his current work remains accessible, accurate and informative. Currently at NewsBTC, Semilore is dedicated to reporting the latest news on cryptocurrency price action, on-chain developments and whale activity. He also covers the latest token analysis and price predictions by top market experts thus providing readers with potentially insightful and actionable information. Through his meticulous research and engaging writing style, Semilore strives to establish himself as a trusted source in the crypto journalism field to inform and educate his audience on the latest trends and developments in the rapidly evolving world of digital assets. Outside his work, Semilore possesses other passions like all individuals. 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His dedication to demystifying digital assets and advocating for their adoption, combined with his commitment to social justice and political engagement, positions him as a dynamic and influential voice in the industry. 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