Bitcoin (BTC) Price To ATH: Adam Back Shares Optimistic Timeline
Blockstream CEO Adam Back believes many of the factors that fuels Bitcoin price drawdown will not impact its return to ATH this weekend
Blockstream CEO Adam Back seems very optimistic about the possibility of Bitcoin (BTC) hitting a new all-time high (ATH) this “long” weekend.
Bitcoin Might Hit ATH This Weekend
Back shared his optimistic sentiment in the early hours of Friday on X, citing some events that could have derailed the coin from reaching for a new ATH. For perspective, Grayscale spot Bitcoin ETF GBTC has been experiencing outrageous outflows, with one of the most recent reaching as high as $105 million in a day. Noteworthy, this was a 60% drop from the previous day.
A significant percentage of these outflows are a result of heavy liquidations by bankrupt players like Gemini and Genesis looking to repay its creditors. With the long weekend, it looks like Traditional Finance (TradFi) firms like Grayscale and many other investment companies will be going offline. This would mean a pause in the massive GBTC outflows.
Ordinarily, there could be a supply shock if GBTC outflows plummeted drastically but inflows continue at the same slow pace. In the long run, the supply shock may drive Bitcoin prices to its price peak considering the other metrics in the market.
There’s also the case of the consistent outages that American cryptocurrency exchange Coinbase has been experiencing. The last Coinbase outage was recorded when Bitcoin hit a new ATH above $70,000. Blockstream CEO thinks that Coinbase’s “circuit-breaker” will not be recorded during the weekend, seeing that Base volume is currently low. This could potentially kick the Bitcoin price further up.
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