Adam Back, a revered figure within the cryptocurrency community and cited by Satoshi Nakamoto in the Bitcoin white paper, recently he pointed that Bitcoin’s rise to $73,737 (an all-time high) has been met with muted enthusiasm.
Adam Back, a revered figure within the cryptocurrency community and cited by Satoshi Nakamoto in the Bitcoin whitepaper, recently he pointed that Bitcoin’s rise to $73,737 (an all-time high) has been met with muted enthusiasm.
According to Back’s observations shared on social media, the lack of “bull market euphoria” is because a $100,000 price for Bitcoin seems “long overdue.”
Since Bitcoin spent much of Wednesday above $73,000, the conversation has shifted from if to when Bitcoin will reach the six-figure threshold.
A February prediction
As Guru-Investingreported, Back also predicted that the price of Bitcoin could surpass $100,000 in February.
This prediction was part of a larger discourse anticipating the upcoming halving event, a mechanism built into Bitcoin’s code that halves the reward for mining new blocks, effectively limiting new Bitcoin supply and potentially raising its price.
As Guru-Investingreported, Back also repeatedly claimed that the price of Bitcoin could surpass $700,000 if the flagship cryptocurrency were to eclipse gold.
Market Sentiment: Extreme Greed
As Bitcoin navigates its current price levels, market sentiment has shifted toward “extreme greed,” according to the Bitcoin Fear and Greed Index.
This sentiment is a reflection of the high expectations and bullish outlook of many investors and enthusiasts, driven in part by major catalysts such as the expected halving event and the growing adoption of Bitcoin through vehicles such as spot ETFs.
CryptoQuant.com notes that the movement of Bitcoin off exchanges and into storage wallets, a sign of a decrease in supply in the market, could trigger a supply shock, further fueling the potential for price increases.
