In a recent interview, Adam Back shares his bullish views on Bitcoin.
Previously, Back made a bet with Vikingo that Bitcoin would exceed $100,000 before the next Bitcoin Halving.
Bitcoin's current bearish trend is due to many factors.
While noting Bitcoin's earnings growth, he emphasized his bullish views on BTC and said that the largest cryptocurrency will reach the $100,000 mark before the upcoming Bitcoin Halving.
Back placed a bet with a pseudonymous Bitcoin fan known as Vikingo on X (formerly Twitter) and the winner would receive 1 million satoshi = 0.01 Bitcoin.
Bitcoin is going through a rough patch with unexpectedly low prices. At the time of writing, the cryptocurrency is trading at $27,048.25 and has a daily trading volume of $13,903,587,544. Despite the notable rise in prices and volume over the past 24 hours, the price range has dropped significantly from its 2021 all-time high of around $60,000.
According to Back, the current bearish trend of the coin can be seen as a result of various factors, including the prolonged COVID pandemic, wars, failures of crypto hedge funds, constant easing of monetary policy, and so on. However, his words suggest a positive outlook on Bitcoin's future bullish trend, as he stated:
"I think we have greatly overestimated Covid. Positive acceptance by the financial industry, accumulation by holders and reflexivity by miners could lead to a delayed upward correction."
Back's bet on Bitcoin's stunning future is just one of many bullish predictions for the cryptocurrency. For example, analyst Dan Tapiero predicted that Bitcoin could show astounding growth between the second quarter of 2024 and 2025, surpassing the $100,000 mark.
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