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Adam Back predicts Bitcoin could hit a new high this Easter

TL;DR

  • Adam Back, CEO of Blockstream, predicts Bitcoin may reach a new all-time high over the Easter weekend.
  • His optimism is based on the closure of traditional markets, potentially reducing sell-off pressures on Bitcoin.
  • Back highlights the halt in GBTC trading and lower base volume on Coinbase as positive factors.

In a X post, Adam Back, the CEO of Blockstream, predicted a positive future for Bitcoin. He proposed that Bitcoin may hit a fresh all-time high (ATH) sometime over the long Easter weekend. Back, the Bitcoin community’s key figure and cypherpunk is now one of the focal points for his communication with Bitcoin’s enigmatic creator – Satoshi Nakamoto. His prediction is made at a time when the cryptocurrency market is anxious to see its next major move.

Back’s optimism stems from several key factors that could favor Bitcoin’s price surge. He noted that traditional markets, including those trading BTC-based shares, will remain closed during the holiday. This situation, according to Back, could prevent potential sell-offs from influencing BTC’s price negatively. The absence of traditional market activities might create a stable environment for Bitcoin’s growth.

Adam Back foresees Bitcoin’s price surge

One of the reasons Back cited for a potential price surge is the halt in trading of GBTC due to market closure. This halt could reduce the selling pressure on Bitcoin, aiding in its price climb. He also referred to a past incident where Coinbase experienced a crash, which won’t be a concern this weekend due to expected lower base volume trading. Such stability is crucial for sustaining a positive price movement.

Back further elaborated that Bitcoin only needs to post three consecutive $1,000-day candles to surpass its previous ATH of $73,750, recorded on March 14. This target seems achievable, given the current market dynamics and the reduced selling pressure. He concluded his prediction by referencing the new “Dune” movie, suggesting that patience could lead to significant outcomes akin to the slow and steady approach described in the film.

Easter weekend key for Bitcoin’s record quest

Market participants and cryptocurrency enthusiasts are closely watching the developments following Back’s prediction. His analysis and the unique timing of this potential surge have sparked widespread interest within the crypto community. If BTC were to achieve a new ATH, it would not only validate Back’s prediction but also signify a strong market sentiment favoring the digital currency.

The factors Back highlighted paint a picture of a market ripe for a significant price movement. With traditional markets on pause and specific conditions aligning, BTC’s price trajectory over the Easter weekend is under keen observation. Stakeholders are eager to see if the cryptocurrency can capitalize on this opportunity to set a new benchmark in its valuation.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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