Adam Back, CEO of Blockstream and one of Bitcoin’s early pioneers, has made a bullish prediction. According to Back, the king of cryptocurrencies is poised to smash its previous all-time high this Easter weekend.
Back’s bold claim is backed by several promising signs. With traditional exchanges closed for the holiday, the risk of institutional sell-offs is minimized, and the relatively low trading volume should prevent any “circuit-breaker” crashes like those witnessed on Coinbase in February.
“Bitcoin just needs three $1,000-day candles to beat its current historic high,” Back stated, echoing the famous quote from “Dune”: “The slow blade penetrates the shield.” His confidence is further bolstered by Bitcoin’s resilience during the recent $9.53 billion futures options expiry, which had minimal impact on the price, suggesting the pre-halving retracement may be over.
The bullish sentiment is fueled by the surge in institutional interest, with investors flocking to Bitcoin ETFs as a convenient way to gain exposure to the world’s largest cryptocurrency.Â
Industry giants like BlackRock now hold billions in BTC, and the upcoming halving event is expected to further squeeze the supply, potentially driving prices even higher.
Also Read: Bitcoin ETFs Stage Dramatic Comeback After Week of Selling
