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Crypto analyst Adam Back believes there’s a probability Bitcoin (BTC) might hit the $100,000 value mark forward of the halving occasion in April. This prediction comes as Bitcoin continues its recovery from a slightly bearish January. Data from the worth monitoring web site, CoinMarketCap, reveals that BTC’s value gained by 11.02% within the final week, shifting into the $47,000 zone. 

Dual Bull Cycle? Analyst Forecasts Bitcoin Bull Run Pre-Halving

In a post on X on February 10, Adam Back shared a Bitcoin value forecast wherein he predicted the digital asset to achieve a brand new all-time excessive (ATH) value earlier than the much-anticipated halving occasion on April 12, 2023. Back primarily based his projections on Bitcoin’s historic value information stating that similar to on Friday, BTC crossed the $47,000 mark on October 1, 2021, in what can be a 41-day journey to its present ATH of $69,045. 

1st oct 2021 #bitcoin crossed $47k like yesterday, then on it’s strategy to the $69k ATH. that run-up took 41 days. there are 70 days to the halving. simply one other information level for what it seems like, and the way we could but get a brand new ATH and even $100k earlier than the halvening. pic.twitter.com/jmtQIHcenR

— Adam Back (@adam3us) February 10, 2024

The analyst defined that he anticipates that BTC will preserve its current upward trajectory, embarking on a bull run to presumably notch a brand new ATH throughout the subsequent 70 days main as much as the Bitcoin halving occasion. Back’s value prediction comes throughout as considerably distinctive as, traditionally, the Bitcoin bull run normally happens months after the halving occasion. 

However, the crypto analyst explains in subsequent responses to sure X customers that he anticipates the current launch of the Bitcoin spot ETFs to induce a bull run earlier than the halving occasion. Following a slightly rocky launch, the Bitcoin spot ETF market seems to have lastly discovered its anticipated rhythm, with constant optimistic web inflows recorded all through final week. 

Notably, on Friday, the budding ETF market experienced a complete web influx of $541.5 million, second solely to the $655.3 million recorded on the primary buying and selling session on January 11. In addition, Grayscale’s GBTC continues to see a constant decline in outflows recording a brand new low of $51.8 million. 

Adam Back predicts {that a} constant growth of the Bitcoin spot ETF market over the following few weeks might set off a bull run pre-halving, inflicting the asset to doubtlessly attain the $100,000 value mark. In addition, the analyst helps Bitcoin nonetheless to repeat its bull run months after the halving occasion, portray a twin bull cycle. 

BTC Price Overview

At the time of writing, Bitcoin trades at $47,716, reflecting a 0.88% acquire in its value over the past day. However, the token’s day by day buying and selling quantity is down by a staggering 59.68% and is valued at $15.92 billion. Meanwhile, BTC continues to dominate the crypto market with the biggest asset market cap of $936.17 billion.

BTC buying and selling at $47,668 on the day by day chart | Source: BTCUSDT chart on Tradingview.com

Featured picture from Forbes, chart from TradingView

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