The Bitcoin maximalist and Blockstream founder Adam Back is bullish on Bitcoin (BTC), attaining a new all-time high this weekend.
In a recent post on X, Back predicts BTC’s price surge this weekend would lead to a new all-time high. The Blockstream founder also shared what he believed could trigger the BTC price rise.
maybe #bitcoin can make a new ATH this long-weekend: tradfi is offline so $GBTC can’t be dumped by bankruptcies, @coinbase “circuit-breaker” won’t crash as base volume is lower. just three $1k+ daily candles would do it. “the slow blade penetrates the shield” -Gurney Halleck,… pic.twitter.com/6xh2QArA1s
— Adam Back (@adam3us) March 29, 2024
According to the Bitcoin maximalist, several factors gave him this optimistic outlook. The first is that traditional markets, including those dealing with BTC-based assets, are closed. Hence, there’s less risk of a hasty dump, as has previously occurred.
Furthermore, the recent Coinbase crash, which shook the crypto world in February, is less likely to occur again due to lower trading volumes. Back also noted that BTC can achieve the three $1,000-day candles it needs to overtake its previous high of $73,750, set on Mar. 14. Therefore, the expert believes this convergence of factors makes a strong case for BTC’s potential surge.
Meanwhile, Bitwise CEO Hunter Horsley has opined that the upcoming Bitcoin halving event has the potential to outperform the previous one. Sharing his insights in a post on X, Horsley further explained that the impending halving will have a threefold more significant impact on supply reduction when measured in USD.
The April 2024 Bitcoin halving may be the most impactful we’ve seen. Why?
The last Bitcoin halving, 2020, Bitcoin was at ~$9,000. So the supply reduction in $ terms was ~$9M a day, and ~$3B a year.
This halving with Bitcoin ~$70,000, it will be >3x greater in $ terms: ~$32M a…
— Hunter Horsley (@HHorsley) March 29, 2024
Meanwhile, the fourth Bitcoin halving, scheduled for Apr. 19, is expected to be a significant bullish catalyst for the asset. However, analyzing the significance of this halving event alongside other economic variables is critical.
For instance, the Federal Reserve (Fed) cut interest rates to zero before the last halving event. Horsley suggests a similar pattern may repeat itself, especially as the central bank considers rate cuts.
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