bullish

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/adam-back-predicts-bitcoin-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Adam Back Predicts Bitcoin Surge</a><br></p>
<p style="text-align: justify">Renowned <a href="https://en.bitcoinhaber.net/bitcoin-faces-potential-correction-warns-analyst-kevin-svenson" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> advocate Adam Back recently shared his insights on the current market trends. Amid concerns of Bitcoin (BTC) falling below $56,000, investor caution towards altcoins has been noticeable. This sentiment is driven by a pattern of rise, fall, quick recovery, and subsequent decline observed over time.</p>
<h2 id="adam-back-s-market-insights">Adam Back’s Market Insights</h2>
<p style="text-align: justify">Adam Back, CEO of Blockstream, emphasized that Bitcoin is in the initial phases of a bullish cycle. Speaking with Anna Tutova, he revealed expectations of a potential 700% growth. Back also referenced predictions from notable figures like BitMEX founder Arthur Hayes, who foresees Bitcoin reaching $1 million by the end of the current cycle.</p>
<h2 id="why-are-bitcoin-prices-rising">Why Are Bitcoin Prices Rising?</h2>
<p style="text-align: justify">Back attributed the potential increase in BTC price to ETF <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>‘ propensity to hold their assets long-term. This trend, coupled with the entry of more retirement funds into the market, could drastically reduce the supply available for sale. He pointed out that major sell-offs from entities like Germany and the US are dwindling, addressing the surplus supply issue.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">– ETF investors tend to hold their assets long-term.<br> – Retirement funds entering the market could significantly impact supply.<br> – Major sell-offs from countries and entities are decreasing.<br> – The impact of new money on market value is substantial, often exceeding the initial investment.<br> – ETF investors have shown resilience by holding assets even during price drops.</p>
<p style="text-align: justify">Such behaviors could set the stage for a significant price increase as demand rises and available supply diminishes.</p>
<p style="text-align: justify">As more investors adopt long-term holding strategies and institutional funds flow into Bitcoin, the cryptocurrency market could witness unprecedented growth. The alignment of these factors suggests a promising outlook for Bitcoin’s <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a>.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/adam-back-predicts-bitcoin-surge" data-wpel-link="internal" rel="noopener noreferrer nofollow">Adam Back Predicts Bitcoin Surge</a></h5>

Adam Back Predicts Bitcoin Surge

Table of Contents

BH NEWS

Other articles published on Aug 17, 2024

Franklin Templeton Files for “All-in-One” Crypto Index ETF

Altcoins That May Offer a Good Buying Opportunity in the Coming Week

3 Altcoins Offering Unique Solutions for Blockchain Scalability: Elrond, NEAR, FTM

Justin Sun Introduces SunPump Platform with 888 TRX Airdrop

Smart Money Address Makes $14 Million In Profit By Selling WBTC!

WazirX restores balances post-hack, withdrawal timeline unclear

Join our free newsletter for daily crypto updates!